AT affirms the impugned order against the appellant company on merits but modifies reliefs to permit limited access to the securities market solely to enable a preferential allotment of fresh equity shares to a specified prospective investor and its group, subject to applicable law and regulatory approvals. The appellant is authorized to accept a pre-issuance loan of Rs.50 Crore from the prospective investor, subject to requisite approvals for external commercial borrowings. Individual restraints remain: two named individuals are prohibited from being KMP in other companies for one year, and one restrained individual may continue as a director of the appellant company for a limited period to facilitate revival. All other directions stand; penalty may be paid within six weeks.
AT affirms the impugned order against the appellant company on merits but modifies reliefs to permit limited access to the securities market solely to enable a preferential allotment of fresh equity shares to a specified prospective investor and its group, subject to applicable law and regulatory approvals. The appellant is authorized to accept a pre-issuance loan of Rs.50 Crore from the prospective investor, subject to requisite approvals for external commercial borrowings. Individual restraints remain: two named individuals are prohibited from being KMP in other companies for one year, and one restrained individual may continue as a director of the appellant company for a limited period to facilitate revival. All other directions stand; penalty may be paid within six weeks.
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