sebi:WTM/SR/ERO/89/05/2015
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Facts / Headnote
Interim prohibitory directions issued; show cause notice issued to GOCL and its directors as to why further directions/prohibitions under Sections 11(1), 11(4), 11A and 11B of the SEBI Act should not be imposed
Provisions invoked
- s. 11
- s. 55A
- s. 22
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 73(2)
- s. 56(1)
- s. 56(3)
Parties
- Great Overseas Commodeal Limited (GOCL)
- Shri Tirthankar Dasgupta (DIN:02624914)
- Shri Pratap Mondal (DIN:02902251)
- Shri Gora Chand Pandey (DIN:03563700)
Holding
GOCL was prima facie engaged in fund mobilization from the public through the offer of Redeemable Preference Shares (RPS) to at least 2277 allottees, constituting a public issue under Section 67(3) of the Companies Act, 1956, and thereby violated Sections 56, 60 read with 2(36), and 73 of that Act. Interim directions were issued restraining GOCL and its directors from further fund mobilization, accessing the securities market, and disposing of assets, pending show cause.
Full text
Page 2 of 11 c. Details regarding the number of application forms circulated inviting subscription for preference shares/debentures and the number of applications received. d. Details of allotees such as names, date of allotment and amount mobilised. e. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment. f. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of preference shares/debentures. g. Terms and conditions of the issue of preference shares/debentures. h. Whether the company has applied for listing of its securities with any of the stock exchanges. i. Copy of Form 2 and Form 10 filed with the RoC. However, the aforesaid letters to the company and its directors were returned undelivered by postal authorities. Thereafter, SEBI sent reminder letters dated December 01, 2014 to GOCL and its directors. These letters were also returned undelivered to SEBI by postal authorities.
Page 3 of 11 iii It is observed from the Balance Sheet of the company as on March 31, 2012 obtained from MCA 21 Portal that amount of Rs. 76.35 lakhs is mentioned as 'share application money pending allotment of preference shares'.
Page 4 of 11 i. Reference is also made to Sections 67(1) and 67(3) of the Companies Act, 1956, which are reproduced as under:
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Source: SecMarx — sebi:WTM/SR/ERO/89/05/2015. 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.