sebi:WTM/SR/SEBI-ERO/IMD/132/06/2015
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Facts / Headnote
Interim prohibitory directions issued against AIIL and its present and past Directors; show cause notice issued as to why further directions/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)
Holding
AIIL prima facie violated Sections 56, 60 read with 2(36), and 73 of the Companies Act, 1956 by mobilizing funds from the public through an Offer of Redeemable Preference Shares without complying with public issue requirements, and interim prohibitory directions were issued against AIIL and its present and past Directors.
Full text
Page 2 of 15 d. Details regarding the number of allottees and list of such allottees; e. Number of preference shares allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of preference shares; h. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; i. Date of dispatch of preference share Certificates; j. Details of the total number of applicants for each of PAFL's scheme besides the list of final allottee; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of debenture/preference shares; l. Terms and conditions of the issue of preference shares.
Page 3 of 15 2.3 SEBI also received a complaint against AIIL on April 3, 2013, from complainants stated to be Associate Members/agents and investors of that company.
Page 4 of 15 Sr. No. Date of Allotment Name of Allottee No of Shares Face Value Amount (₹ ) 1. 30-04-2010 Annex Social Research and Development Society 2500
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Source: SecMarx — sebi:WTM/SR/SEBI-ERO/IMD/132/06/2015. 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.