sebi:WTM/SR/ERO/67/09/2014
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Facts / Headnote
Interim directions issued restraining WIL and its Directors from mobilizing funds, accessing the securities market, disposing of assets, and directing Shri. Hari Pada Seth to cease acting as Debenture Trustee; WIL directed to furnish complete information within 21 days; noticees given 21 days to reply and request personal hearing.
Provisions invoked
- s. 11
- s. 12(1)
- s. 55A
- s. 73
- s. 4A
- s. 30
- s. 67(3)
- s. 67
- s. 117B
- 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)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 16(1)
- Reg. 4(2)(b)
- Reg. 111(1)
- Reg. 111(2)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Holding
SEBI, acting as Whole Time Member, held prima facie that WIL's Offer of Preference Shares and Offer of NCDs were public issues of securities made to fifty persons or more, and that WIL violated the Companies Act, 1956 (Sections 56, 60, 73, 117B-C), the DIP Guidelines, ICDR Regulations, and Debt Securities Regulations, and issued interim directions restraining WIL, its Directors, and its Debenture Trustee from further fund mobilization and securities market activity.
Full text
Page 2 of 18 d. Details regarding the number of allottees and list of such allottees; 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 WIL'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 18 iii. Shri Ramprosad Mondal, Shri Sahajahan Khan, Shri Sanjay Kumar Das, Shri Jadunath Jena, Shri Mohammed Ariff Billa and Shri Bhabagrahi Behera, who were earlier Directors in WIL, have since resigned.
Page 4 of 18 vii. From the material available on record, it is observed that WIL issued NCDs in accordance with the following terms and conditions contained in the brochure:
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Source: SecMarx — sebi:WTM/SR/ERO/67/09/2014. 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.