https://www.taxtmi.com/caselaws?id=311002 SEBI found that a company violated public issue norms by issuing Redeemable Preference Shares to more than 49 persons across multiple monthly allotments during 2009-2012, circumventing Companies Act provisions. The company failed to comply with sections 56, 60, and 73 of Companies Act 1956/2013 and SEBI regulations. SEBI ordered the company and six directors to jointly refund all collected money with 15% compound interest, restricted market access for four years post-refund completion, and prohibited directors from securities market dealings. The company must publish refund notices in national and local newspapers and provide asset inventories. en-us Mon, 12 Oct 2015 00:00:00 +0530 Sat, 02 Dec 2023 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311002 SEBI found that a company violated public issue norms by issuing Redeemable Preference Shares to more than 49 persons across multiple monthly allotments during 2009-2012, circumventing Companies Act provisions. The company failed to comply with sections 56, 60, and 73 of Companies Act 1956/2013 and SEBI regulations. SEBI ordered the company and six directors to jointly refund all collected money with 15% compound interest, restricted market access for four years post-refund completion, and prohibited directors from securities market dealings. The company must publish refund notices in national and local newspapers and provide asset inventories. Case-Laws SEBI Mon, 12 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311002