Mr. R. P. Chhabra

SAT-appeal

• Issuance of Redeemable Preference Shares to a large number of investors without complying with public-offer, prospectus and refund requirements under the Companies Act, 1956.
  Appeal: Appeal Nos. 423, 406, 422, 444, 445, 446 and 465 of 2015 were heard together and disposed of by the SAT common decision dated 29 June 2018; outcome not included in the supplied text.
• SAT matter SATV-8B14D700DEF058B547995045
  Misc. Application No. 43 of 2020 for condonation of delay rejected · Review Application No. 28 of 2019 rejected consequently without costs
  Appeal: Civil Appeal No. 6568 of 2019 dismissed as withdrawn by Supreme Court on 02 September 2019 with liberty to file review before Tribunal
• Issue of Redeemable Preference Shares to 4,26,673 allottees raising Rs 444.67 crore deemed public issue without prospectus, violating Sections 56, 60, 69, 73 Companies Act, 1956.
  WTM 14.08.2015: Alchemist Holdings and directors to refund jointly and severally RPS money with 15% p.a. compounded half-yearly from due date u/s 73(2) till payment · WTM 03.08.2015: Alchemist Capital and directors to refund jointly and severally RPS money with 15% p.a. compounded half-yearly till payment
  Appeal: Appeal Nos. 423/2015, 406/2015, 422/2015, 444/2015, 445/2015, 446/2015, 465/2015, 466/2015 reserved 18.06.2018, decided 29.06.2018
• Issuance of Redeemable Preference Shares to 4,26,673 allottees raising Rs 444.67 crore held as deemed public issue violating prospectus and refund provisions.
  Refund jointly and severally money collected via RPS with 15% p.a. compounded half-yearly till payment · Ex-parte interim order dated 20.09.2013 restrained company and directors from collecting money
• Raising public funds through issuance of Redeemable Preference Shares to large numbers of investors without complying with public-issue and prospectus requirements under the Companies Act, 1956.
  Appeals challenging the WTM orders dated 14 August 2015 and 3 August 2015 were disposed of by a common decision.
  Appeal: Appeal Nos. 423, 406, 422, 444, 445, 446 and 465 of 2015; decided together on 29 June 2018.
• Deemed public issue of Redeemable Preference Shares to 4,26,673 allottees raising Rs 444.67 cr without prospectus, violating Sections 56, 60, 67, 69, 73 of Companies Act, 1956.
  WTM directed company and directors jointly and severally to refund RPS money with 15% p.a. interest compounded half-yearly from due date under Sec 73(2) till payment · WTM ex-parte interim order dated 20.09.2013 restrained company and directors from collecting money until further orders
  Appeal: Appeal Nos. 423, 406, 422, 444, 445, 446, 465, 466 of 2015 with Misc. Appl. 292,276,291/2015 and 66/2016; reserved 18.06.2018, decided 29.06.2018 by common order
• Issuance of Redeemable Preference Shares (RPS) to over 4 lakh investors deemed public offer violating Sections 56, 60, 67, 69, 73 of Companies Act, 1956 without prospectus and listing.
  Refund jointly and severally money collected via RPS with interest @15% p.a. compounded half-yearly from due date u/s 73(2) till actual payment · Ex-parte interim order dated 20.09.2013 restrained company and directors from collecting money until further orders
  Appeal: Appeal Nos. 423, 406, 422, 444, 445, 446, 465, 466 of 2015 with MAs 292, 276, 291 of 2015 and 66 of 2016 decided 29.06.2018, reserved 18.06.2018
• Raised funds via Redeemable Preference Shares from public without following public offer norms, violating Sections 56, 60, 67, 69, 73 of Companies Act, 1956.
  WTM 14.08.2015: Holdings and directors to refund RPS money jointly and severally with 15% p.a. compounded half-yearly · WTM 03.08.2015: Capital and directors to refund RPS money jointly and severally with 15% p.a. compounded half-yearly
  Appeal: Appeals 423/2015, 406/2015, 422/2015, 444-446/2015, 465-466/2015 with Misc Apps; reserved 18.06.2018, decision 29.06.2018
• Raised funds via Redeemable Preference Shares to 4,26,673 allottees (Rs 444.67 cr) as deemed public issue without prospectus, violating Sections 56, 60, 69, 73 of Companies Act, 1956.
  WTM directed company and directors jointly and severally to refund RPS money with 15% p.a. interest compounded half-yearly from due date u/s 73(2) till payment · WTM ex-parte interim order dated 20.09.2013 restrained company and directors from collecting money until further orders
  Appeal: Appeal Nos. 423, 406, 422, 444, 445, 446, 465, 466 of 2015 with Misc Apps 292, 276, 291/2015 and 66/2016; reserved 18.06.2018, decided 29.06.2018 by common order