sebi:WTM/SR/WRO/RLO/102/05/2015
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Facts / Headnote
Interim prohibitory directions issued against GNIL, its directors, and its debenture trustee; 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. 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
GNIL's Offer of Non-Convertible Redeemable Secured Debentures (NCRSDs) to 75 or more investors constitutes a public issue under Section 67(3) of the Companies Act, 1956, triggering listing, prospectus registration, debenture trustee, and debenture redemption reserve obligations, and GNIL prima facie violated those provisions as well as the Debt Securities Regulations; interim prohibitory directions were issued against GNIL, its directors, and its debenture trustee.
Full text
Page 2 of 15 f. Copy of income tax return filed by the company for the last three years. However, the said letter to GNIL returned undelivered by postal authorities. SEBI vide letters dated January 21, 2014 and February 11, 2014 advised the directors of the company viz. Shri Srinibash Ghosh, Shri Debashish Bhattacharrya and Shri Mohammad Attaullah Khan to furnish the similar information. The abovementioned directors of the company vide separate letters dated February 03, 2014 and February 21, 2014 submitted that they have resigned as directors of the company w.e.f. December 23, 2013 and are not the custodian of the documents of the company. They did not provide any other information as sought by SEBI.
Page 3 of 15 6. SEBI also received a letter on July 09, 2014 from RoC, Bilaspur, Chhattisgarh wherein they provided inter alia the details of past and present shareholders and directors of the company.
Page 4 of 15 Debenture Trust” (represented by trustee Smt. Aisha Begum) and the office of the trust is situated at 31/2A, Marquis Street, Kolkata, West Bengal, India- 700016.
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Source: SecMarx — sebi:WTM/SR/WRO/RLO/102/05/2015. 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.