sebi:WTM/SR/SEBI/WRO-ILO/60/12/2016
Facts / Headnote
Interim prohibitory directions issued; noticees directed to show cause why further directions under Sections 11(1), 11(4), 11A, 11B of SEBI Act and Section 73(2) of Companies Act, 1956 read with Section 27(2) of SEBI Act should not be imposed
Provisions invoked
- s. 11
- s. 12(1)
- s. 55A
- s. 22
- s. 73
- s. 4A
- s. 30
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 117C
- s. 56(3)
Regulations relied on
- SEBI (Debenture Trustees) Regulations, 1993 — 7
- SEBI (Debt Securities) Regulations, 2008 — 12
- SEBI (Debt Securities) Regulations, 2008 — 14
- SEBI (Debt Securities) Regulations, 2008 — 15
- SEBI (Debt Securities) Regulations, 2008 — 16(1)
- SEBI (Debt Securities) Regulations, 2008 — 17
- SEBI (Debt Securities) Regulations, 2008 — 19
- SEBI (Debt Securities) Regulations, 2008 — 26
- SEBI (Debt Securities) Regulations, 2008 — 4(2)(a)
- SEBI (Debt Securities) Regulations, 2008 — 4(2)(b)
- SEBI (Debt Securities) Regulations, 2008 — 4(2)(c)
- SEBI (Debt Securities) Regulations, 2008 — 4(2)(d)
- SEBI (Debt Securities) Regulations, 2008 — 4(4)
- SEBI (Debt Securities) Regulations, 2008 — 5(2)(b)
- SEBI (Debt Securities) Regulations, 2008 — 6
- SEBI (Debt Securities) Regulations, 2008 — 7
- SEBI (Debt Securities) Regulations, 2008 — 8
- SEBI (Debt Securities) Regulations, 2008 — 9
Parties
- Greater Kolkata Infracon Ltd. (GKIL)
- Subir Dutta
- Nakhat Sing Agarwalla
- Bimalendu Rakshit
- Amitava Sarkar
- Himangshu Mukherjee
- Sutanu Sarcar
- Paramasish Bhadury
- Anil Kumar Mishra
- Greater Kolkata Debenture Trust Company (represented by trustee Mr. K.R. Udayaraj)
Holding
GKIL prima facie violated Sections 56, 60 read with 2(36), 73, and 117B-117C of the Companies Act, 1956 read with the Debt Securities Regulations by mobilizing funds from the public through an Offer of NCDs exceeding 49 persons, without listing or registering a prospectus. The Debenture Trustee acted as an unregistered debenture trustee in violation of the SEBI Act and Debenture Trustees Regulations.
Full text
Page 2 of 24 3.1 Thereafter, SEBI obtained the names and addresses of Directors of GKIL from the website of Ministry of Corporate Affairs, MCA 21 Portal.
Page 3 of 24 s. Details of any action initiated/taken by any other authority (including any court order) against the company in respect of money raised from public.
Page 4 of 24 e. Terms and conditions and structure of the plan, f. Names and addresses of all the investors, g. Options to the investors if they don’t want to hold their investment till maturity, h. Details of instruments/documents issued, if any to the investors.
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Source: SecMarx — sebi:WTM/SR/SEBI/WRO-ILO/60/12/2016. 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.