sebi:WTM/SR/IMD-NRO/75/09/2014
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Facts / Headnote
Interim directions issued restraining LCRDL and its directors from mobilizing funds, disposing of assets, and accessing the securities market; noticees directed to provide information within 21 days and file reply
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
- LCRDL
- Mr. Arshad Hussain (DIN: 02843064)
- Mr. Mohammad Aftab Alam (DIN: 06427105)
- Mr. Mohd Gani (DIN: 06659533)
- Ms. Shiba Pravin (DIN: 02843035)
- Mr. Mohd Seraj Lari (DIN: 03098219)
- Mr. Rajneesh Chandra Shukla (DIN: 02064767)
- Mr. Yogendra Pratap Shahi (DIN: 03453495)
Holding
LCRDL prima facie violated Sections 56, 60, 67 read with Section 2(36), and Section 73 of the Companies Act, 1956 (read with Section 465 of the Companies Act, 2013) by mobilizing funds from the public through the issue of redeemable preference shares to 1,696 persons without complying with prospectus registration, listing, and refund requirements. Interim directions were issued restraining LCRDL and its directors from further fund mobilization and from dealing in securities.
Full text
Page 2 of 12 ii. Names of the past and present promoters/directors/key management personnel; iii. Form 32 for last 5 years as filed with RoC; iv. Details of past and present directors of LCRDL; v. Copy of Resolutions pursuant to which redeemable preference shares were/are being issued by LCRDL; vi. Prospectus/brochure pertaining to the schemes/investment plans/offers whereby investment/funds were/are invited from public; vii. Applications forms that are required to be submitted by the investors/applicants to participate in your schemes/investment plans/ offers viii. Sample copies of certificates/investment proof/arrangement issued to the investors who subscribe to such schemes/and or arrangements; ix. Details of the scheme wise amount mobilized by you till date along with the number of investors under each schemes/investment plans/offers; x. List of allottees of Redeemable Preference Shares containing the amount invested by each allottees; xi. Advertisements inviting subscription to Redeemable Preference Shares issued; xii. Annual Returns of LCRDL since incorporation as filed with concerned RoC; xiii. Certified copy of audited financial statement for the last 5 years; xiv. Copy of the Income Tax returns filed by LCRDL for the last 3 years; xv. Details of regulatory approvals obtained if any, for schemes/investment plans/offers; xvi. Details of any other similar schemes/investment plans/offers, if any, floated by LCRDL or its group/associated companies; xvii. Terms and conditi
Page 3 of 12 fortnight's time. However, as on date neither LCRDL nor its Directors have submitted the information/documents sought vide the abovementioned letters of SEBI.
Page 4 of 12 i. As per Form 23AC, the capital structure of LCRDL during the respective financial years are as under: 2010-11 (`) 2011-12 (`) 2012-13 (`) Issued, subscribed and paid up capital 1,22,26,000 3,76,06,000 4,25,22,000 Equity share capital 5,00,000 5,00,000 5,00,000 Preference share capital 1,17,26,000 3,71,06,000 4,20,22,000
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Source: SecMarx — sebi:WTM/SR/IMD-NRO/75/09/2014. 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.