sebi:WTM/SR/ERO/84/11/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining SHAIL and its directors from mobilizing funds, accessing the securities market, and disposing of assets; prima facie violations of Companies Act, 1956 provisions found
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)
Parties
- Shree Ashirwad Industries Limited (SHAIL)
- Shri Madhab Chandra Das
- Shri Khokon Biswas
- Shri Provash Bala
- Shri Kanai Lal Pramanik
- Shri Ganesh Dam
- Shri Suranjan Mondal
- Shri Kashi Nath Chanda
- Shri Mritynjay Bar
- Shri Pijush Kanti Jana
Holding
SEBI held prima facie that SHAIL's Offer of Redeemable Preference Shares to approximately 7772 investors constituted a public issue under Section 67(3) of the Companies Act, 1956, and that SHAIL violated Sections 56, 60 read with 2(36), and 73 of the Companies Act, 1956 read with Section 465 of the Companies Act, 2013. SEBI issued interim directions restraining SHAIL and its directors from further fund mobilization, accessing the securities market, and disposing of assets.
Full text
Page 2 of 12 e. Details regarding the number of allottees and list of such allottees; f. Number of shares/debentures allotted and value of such allotment against each allottee's name. g. Details regarding subscription amount raised; h. Date of allotment of share/debenture certificates; i. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; j. Date of dispatch of shares/debentures; k. Details of the total number of applicants for each of SHAIL's scheme besides the list of final allottees; l. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of shares/debentures. m. Terms and conditions of the issue of shares/debentures;
Page 3 of 12 i. SHAIL was incorporated on October 1, 2009, with the ROC, Kolkata, with CIN No. as U01400WB2009PLC138649. SHAIL has its Office at 36/1 Jessore Road, Champadali More, Barasat, Kolkata–700124, West Bengal, India.
Page 4 of 12 Year Date of allotment Type of Security No. of Securities Issued No. of persons to whom issued (Approximate) Total Amount (₹) 2009- 10 15.01.2010
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Source: SecMarx — sebi:WTM/SR/ERO/84/11/2014. 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.