Company allowed limited market access for preferential allotment; Rs50 Crore pre-issuance loan permitted; individual KMP bans apply

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Full Text of the Document

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....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.....