https://www.taxtmi.com/caselaws?id=395333 An offer of redeemable preference shares to 4,191 allottees exceeded the statutory threshold for a deemed public issue under the Companies Act, 1956. As a public issue, the company was required to comply with prospectus, disclosure, registration, listing and refund obligations; the absence of such compliance constituted violations of Sections 56(1), 56(3), 60 and 73. The company and directors in charge were treated as liable for refund with interest and faced consequential regulatory restraints and compliance directions, while one noticee was given the benefit of doubt on resignation and another restraint was made conditional on production of a competent authority's order. en-us Wed, 26 Feb 2020 00:00:00 +0530 Wed, 06 Nov 2024 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395333 An offer of redeemable preference shares to 4,191 allottees exceeded the statutory threshold for a deemed public issue under the Companies Act, 1956. As a public issue, the company was required to comply with prospectus, disclosure, registration, listing and refund obligations; the absence of such compliance constituted violations of Sections 56(1), 56(3), 60 and 73. The company and directors in charge were treated as liable for refund with interest and faced consequential regulatory restraints and compliance directions, while one noticee was given the benefit of doubt on resignation and another restraint was made conditional on production of a competent authority's order. Case-Laws SEBI Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395333