sebi:WTM/SR/ERO/PLO/94/05/2015
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 restraining fund mobilization and securities market access with asset inventory and information directions, operative until further orders, with show-cause as to why refund with interest and further prohibitions 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
- SIIL (CIN: U15400BR2011PLC017235)
- Shri Arunabha Mukhopadhyay
- Shri Indranil Das
- Shri Subrata Das
- Shri Akhil Chandra Saha
Holding
SIIL's Offer of Redeemable Preference Shares to 794 investors raising Rs.82.23 lakhs is prima facie a deemed public issue in violation of Sections 56, 60 and 73 of the Companies Act, 1956, and SIIL and its four directors were interimly restrained from mobilizing funds and accessing the securities market and directed to show cause why refund with interest and further prohibitions should not be imposed.
Full text
Page 2 of 13 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 the shares/debentures; i. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; j. Date of dispatch of debentures/ shares certificates etc.; k. Details of the total number of applicants for each of its 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; vi. Other information in respect of schemes launched for raising funds.
Page 3 of 13 2.6 Shri Subrata Das, Director, vide letter dated December 11, 2014 informed that he had no connection with the company for last one year and that he was "a sleeping Director".
Page 4 of 13 Subrata Das (DIN- 02262940; PAN: AJEPD3008L) and Shri Akhil Chandra Saha (DIN- 02243929; PAN: AQMPS4454N). c. A perusal of the Notes to Financial Statements for the year ended March 31, 2013 indicates that SIIL had during the year issued 1,64,467 Preference Shares of Rs.10 each, amounting to `16,44,670/-.
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Source: SecMarx — sebi:WTM/SR/ERO/PLO/94/05/2015. 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.