sebi:WTM/SR/GLO/58/08/2014
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Facts / Headnote
Interim restraints on fund mobilization, prospectus issuance and securities market access issued against APNEL and its past and present directors, with directions on asset inventory and non-diversion, pending reply within 21 days
Provisions invoked
- 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
- APNEL
- Shri Kailash Chand Dujari
- Shri Sasanka Roy Sarkar
- Shri Barun Kumar De
- Shri Ranjan Kumar Chowdhury
- Shri Kali Kishore Bagchi
- Shri Nishant Prakash
- Shri Debdas Chatterjee
- Shri Syed Kazim Raza
- Shri Jamil Ahmed Farooqui
- Shri Mahammad Azam Khan
Holding
SEBI prima facie held APNEL's Offer of Redeemable Preference Shares to 5033 investors was an unlisted public issue in violation of the Companies Act, 1956 and issued interim directions restraining further mobilization, market access and asset disposal. APNEL and its past and present directors were directed to file replies within 21 days and provide asset inventories.
Full text
Page 2 of 13 e. Details regarding the number of application forms circulated inviting subscription; f. Details regarding the number of applications received; g. Details regarding the number of allottees and list of such allottees, etc.; h. Number of RPS allotted and value of such allotment against each allottee's name. i. Details regarding subscription amount raised; j. Date of allotment of RPS; k. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; l. Date of dispatch of RPS Certificates; m. Details of the total number of applicants for each of APNEL's scheme besides the list of final allottee; n. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of RPS; o. Terms and conditions of the issue of RPS.
Page 3 of 13 due compliance with the provisions of the Companies Act, 1956 and the provisions as contained in Section 73 of the (Companies) Act, was not applicable to the Company."
Page 4 of 13 d. The payment of maturity amount and all the returns as mentioned in the documents are tentative in nature."
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Source: SecMarx — sebi:WTM/SR/GLO/58/08/2014. 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.