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C.ACHUTHAN
Integrated Amusement Ltd. – Appellant
Versus
Securities & Exchange Board of India – Respondent
1. Integrated Amusement Ltd., and its directors (The Appellants) are aggrieved by the order dated 3-2-2000 made by the Respondent, whereby the appellants have been directed to disassociate themselves in every respect from the capital market related activities for a period of 5 years. They have also been debarred from associating with any of the intermediaries in the capital market during the said period. The present appeal is against the said order.
2. The appellant company was incorporated as a public limited company on 24-8-1994 and obtained the certificate for commencement of business on 31-8-1994 from the Registrar of Companies, Gujarat. The main objects of the appellant company, as per its Memorandum of Association are to set up, build, construct and carry on the business of an Amusement Park, including Water Park, Theme Park etc. The appellant company raised Rs. 575 lakhs towards capital, by issuing 57,50,000 equity shares of Rs. 10 each for cash at par through a prospectus dated 20-3-1995. The main object of the public issue as per the prospectus was to part finance the cost of the project and to meet the working capital requirements of the appellant company.
3. The backg
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