sebi:WTM/SR/WRO/ILO/111/06/2015
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Facts / Headnote
Interim prohibitory directions issued against SIL, its Directors and its Debenture Trustee; show cause notice issued as to why final directions/prohibitions under Sections 11(1), 11(4), 11A and 11B of the 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. 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. 7
- Reg. 14
- Reg. 12
- Reg. 4(2)(a)
- Reg. 19
- Reg. 15
- Reg. 16
- Reg. 26
- Reg. 8
- Reg. 6
- Reg. 17
- Reg. 4(2)(b)
- Reg. 4(2)(c)
- Reg. 9
- Reg. 4(2)(d)
- Reg. 4(3)
- Reg. 4(4)
- Reg. 5(2)(b)
Parties
- SIL (SIL, CIN:U45200MP2011PLC026185; PAN:AARCS4721N)
- Shri Arindam Sarkar (DIN:02535319; PAN:ATPPS1339A)
- Shri Swapan Nandi (DIN:02718205; PAN:ACGPN6147D)
- Shri Dulal Chatterjee (DIN:02720692; PAN:AFSPC3069C)
- STPL Debenture Trust (represented by its Trustee, viz. Shri Amit Biswas)
Holding
SIL's Offer of Non-Convertible Redeemable Secured Debentures to 468 investors was prima facie a public issue of securities, and SIL prima facie violated the Companies Act, 1956 (Sections 56, 60 read with 2(36), 73, 117B, 117C) and the Debt Securities Regulations. Interim directions were issued restraining SIL, its Directors and its Debenture Trustee from further fund mobilisation and securities market activity pending show cause.
Full text
Page 2 of 17 g. Name, address of each investor, date of receipt of payment, amount received for issuance of debentures and date of allotment; h. Details of properties acquired from money raised from said debenture issue; i. Address of all the branches operating in India; j. If brokers were employed, details and brokerage paid; k. Certified copies of audited financial statements for all the financial years during which funds were raised till 2012-2013 and trial balance for 2013-14; l. Copy of Income Tax return filed for the years referred at k above; m. Details of regulatory approvals obtained; n. Details of fund raising from the public in form of debentures/ or any other manner by SIL or group/associates; o. Details of action initiated/taken by any other authority against SIL.
Page 3 of 17 SIL’s Kolkatta office was returned undelivered by the postal authorities. As on date, no reply has been received from the Directors of SIL.
Page 4 of 17 Schedule II hereto and secures the same by mortgaging with the trustees the properties described in the Schedule III hereto.”
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Source: SecMarx — sebi:WTM/SR/WRO/ILO/111/06/2015. 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.