sebi:WTM/SR/WRO/ILO/118/06/2015
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Facts / Headnote
Interim directions issued restraining BIIL and its directors from further fund mobilisation, directing inventory of assets, and issuing show cause notice; debenture trustee prohibited from acting as trustee
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. 6
- Reg. 16
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Holding
SEBI held that BIIL's Offer of NCRDs to 53 or more investors constituted a public issue under Section 67(3) of the Companies Act, 1956, and that BIIL prima facie violated the Companies Act, 1956 and the Debt Securities Regulations. Interim directions were issued restraining BIIL and its directors from further fund mobilisation, and the debenture trustee was prohibited from continuing in its assignment.
Full text
Page 2 of 16 a. Details of past and present Directors of the company such as names, addresses, PAN and contact details. b. Nature of activities being conducted by the company. c. Date of opening and closing of the issue. d. Copies of minutes of EGM and minutes of Board Meeting of the company approving allotment of debentures. e. Brochures/advertisements pertaining to debenture issue, which were made available to the public. f. Copies of duly filed application forms received from investors/applicants who applied in the debenture issue. g. Name and address of each person to whom debentures were allotted , with details including face value of debenture, number of debentures allotted, date of receipt of payment, date of allotment. h. Amount mobilized by issue of debentures till date and amount refunded to investors. i. Details of debentures transferred by allottees. j. Name and address of debenture trustees and whether these trustees are registered with SEBI. k. Details of properties secured for said issue of debenture. l. Details of properties acquired from money raised from said debenture issue. m. Addresses of all the branches of the company operating in India. n. If any broker/agent employed for the said issue, name and amount of brokerage/commission paid. o. Certified copies of audited financial statements for all the financial years during which funds were raised by the company. p. Copy of Income Tax Return filed by the company for financial year 2012-13. q. Details of the
Page 3 of 16 s. Details of action initiated/taken by any other authority against the company or any other group entity in respect of money raised from public.
Page 4 of 16 India- 485001. The corporate office address of the company as mentioned in brochure cum application form issued by the company is 154, Lenin Sarani, 5th floor, Kolkata- 700013.
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Source: SecMarx — sebi:WTM/SR/WRO/ILO/118/06/2015. 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.