sebi:WTM/SR/ERO/65/09/2014
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Facts / Headnote
Interim directions issued restraining TAPL and its Directors from mobilizing funds, accessing the securities market, disposing of assets, and diverting funds; information directed to be furnished within 21 days; reply and personal hearing opportunity given within 21 days.
Provisions invoked
- s. 11
- s. 55A
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 465
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 465(2)
- s. 73(3)
- s. 465(1)
Regulations
- Reg. 111(1)
- Reg. 111(2)
Parties
- TAPL (PAN: AACCT9099F)
- Shri Arup Kumar Dey (DIN: 01585110)
- Shri Arun Maji (DIN: 01591656)
- Shri Ashish Kumar Dey (DIN: 01960755)
- Shri Ranjit Chandra Pathak (DIN: 06512666)
- Shri Pran Gobind Debnath (DIN: 06512700)
- Nielhousanuo Angami (DIN: 05137311)
- Shri Dipankar Medda (DIN: 06512759)
Holding
SEBI prima facie found that TAPL's Offer of Preference Shares to 589 investors constituted a public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and that TAPL violated Sections 56, 60 read with 2(36), and 73 of the Companies Act, 1956 read with Section 465 of the Companies Act, 2013, and the DIP Guidelines read with ICDR Regulations. SEBI issued interim directions restraining TAPL and its Directors from further fund mobilization and securities market activity pending further proceedings.
Full text
Page 2 of 12 e. Number of shares/debentures allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of share/debenture certificates; h. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; i. Date of dispatch of shares/debentures; j. Details of the total number of applicants for each of TAPL's scheme besides the list of final allottees; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of shares/debentures. l. Terms and conditions of the issue of shares/debentures.
Page 3 of 12 company issued and allotted Preference Shares ("Offer of Preference Shares"), details of which are provided below –
Page 4 of 12 concerned, SEBI has the power to administer in the case of listed public companies and in the case of those public companies which intend to get their securities listed on a recognized stock exchange in India."
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Source: SecMarx — sebi:WTM/SR/ERO/65/09/2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.