sebi:WTM/SR/WRO/ILO/82/04/2015
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Facts / Headnote
Interim directions issued requiring MVIL to cease fresh mobilization, prohibiting MVIL/directors from issuing offer documents and accessing securities market, requiring asset inventory and no disposal/diversion, prohibiting debenture trustee from acting, and calling on noticees to show cause within 21 days why refund with interest and further prohibitions under Sections 11(1), 11(4), 11A and 11B 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. 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)
Parties
- MVIL (CIN: U45200MP2012PLC027635)
- Mr. Mohammad Mumtaz Alam (DIN:05164422)
- Mr. Shambhu Nath Sah (DIN:06451742)
- Mr. Anil Kumar Dwivedi (DIN:06768421)
- Mr. Ran Vijay Kumar (DIN:06768409)
- Mr. Sanjay Kumar (DIN:05162956)
- Mr. Irshad Ali (DIN:05231933)
- Mount Vision Debenture Trust (represented by trustee Mr. Manoj Kumar)
Holding
SEBI prima facie held MVIL's Offer of NCDs to at least 70 allottees was a public issue in violation of the Companies Act, 1956 and Debt Securities Regulations, and issued interim restraints and a show-cause notice for joint and several refund with interest.
Full text
Page 2 of 15 d. Copy of minutes of Board and Minutes of EGM approving allotment of debentures. e. Brochures/advertisements pertaining to debenture issue, which were made available to public. f. Copies of duly filled application forms received from investors/applicants. g. Name, address of each investor, date of receipt of payment, amount received and date of allotment of debentures. h. Details of properties acquired from money raised from said debenture issue. i. Addresses of all branches of the company. j. Names of brokers and amount of brokerage paid, if any. k. Certified copy of audited financial statements for all the financial years during which funds were raised till 2012-2013. l. Copy of Income Tax return filed by the company for all the financial years during which funds were raised till 2012-2013. m. Details of regulatory approvals obtained by the company, if any, for said debenture issue. n. Details of fund raising from public in form of debentures/ or any other manner by the company or group/associates of the company. o. Details of action initiated/taken by any other authority against the company in respect of money raised from public.
Page 3 of 15 also stated that they had filed a complaint before the Court of Chief Judicial Magistrate, Bokaro, Jharkhand in this regard.
Page 4 of 15 i. MVIL (CIN: U45200MP2012PLC027635) was incorporated on February 08, 2012 with the RoC, Gwalior, having its registered office at Bardadeeh Chowk, Mukhtiar Gang, Ramakrishna Aasram, Satna, Madhya Pradesh, India-485001.
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Source: SecMarx — sebi:WTM/SR/WRO/ILO/82/04/2015. 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.