Order in the matter of Milani Techno Engineering Limited
What is this order about?
This order concerns Milani Techno Engineering Limited (MTEL) and its directors for allegedly issuing redeemable cumulative preference shares (RCPS) without complying with securities laws, leading to a failure to refund investor funds.
Who it concerns
Milani Techno Engineering Limited, Prithi Paul Singh Sethi, Rajesh Kumar Sharma, Sanjay Kumar Upadhyay, Shiva Nand Mishra, Vishwa Bandhu Vashishta, Deena Nath Maurya, Arwind Tiwari, Pashupati Nath Dixit, Ramendra Prasad Sharma, Mukesh Kumar Khare, Maiku Lal, Ram Vishal Telars, Surendra Singh, Ram Kishor Prajapati, Rajesh Singh Yadav, Sita Ram Prajapati, Bharat Subhash Prasad Maurya, Chhotelal Shukla
What was found or directed
- MTEL issued 14,143 RCPS to 127 investors in FY 2011-12 raising ₹4,12,20,000 without complying with public issue norms
- Directors during FY 2011-12 (Noticees 2-7) violated Companies Act provisions
- Directors post FY 2011-12 (Noticees 8-19) failed to refund money raised through RCPS
- SEBI ordered refund of monies collected from investors
- SEBI directed restraint and prohibition from accessing securities market
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (section: order) |
| Year | 2025 |
| Closing date | — |
| Documents | 1 |
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