sebi:WTM/SR/SEBI-WRO:ILO/IMD/148/07/2015
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Facts / Headnote
Interim prohibitory directions issued against SCL and its Directors; show cause notice issued as to why further directions under Sections 11(1), 11(4), 11A and 11B of the SEBI Act should not be imposed.
Provisions invoked
- s. 11
- s. 55A
- s. 22
- s. 73
- s. 4A
- s. 30
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 73(2)
- s. 56(1)
- s. 117C
- s. 56(3)
Regulations
- Reg. 16
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 15
- Reg. 14
- Reg. 19
- Reg. 26
- Reg. 7
- Reg. 8
- Reg. 6
- Reg. 4(2)(a)
- Reg. 4(2)(b)
- Reg. 4(2)(c)
- Reg. 4(2)(d)
- Reg. 4(3)
- Reg. 4(4)
- Reg. 5(2)(b)
Parties
- Swasata Cement Limited (SCL)
- Shri Prasanta Chatterjee
- Shri Joydeb Biswas
- Shri Manas Kumar Dan
- Shri Satya Ranjan Chaudhari
- Smt. Swapna Chaudhuri
- Smt. Chandrani Dan
- Smt. Jeba Parween
- Smt. Renu Singh
Holding
SCL prima facie violated Sections 56, 60 read with 2(36), 73, 117B and 117C of the Companies Act, 1956 and the Debt Securities Regulations by mobilizing funds from the public through an Offer of NCDs to 11,013 investors without complying with public issue requirements. Interim prohibitory directions were issued restraining SCL and its Directors from mobilizing further funds, accessing the securities market, and disposing of assets, pending show cause.
Full text
Page 2 of 14 opening and closing of debenture issue, year wise details of debentures redeemed, filings made for creation of charge with RoC, etc.
Page 3 of 14 ¾ The outstanding amount towards debentures issued by the company is as below:- As on March 31, 2009 As on March 31, 2010 As on March 31, 2011 As on March 31, 2012 Debentures 1,29,63,150 6,63,93,184 6,28,32,934 6,28,32,934
Page 4 of 14 not included in the list of debenture holders submitted to SEBI by SCL Steel Corporation Limited vide their letter dated January 19, 2015.
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Source: SecMarx — sebi:WTM/SR/SEBI-WRO:ILO/IMD/148/07/2015. 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.