PRESS RELEASE

M/s Prince Agro Industries Ltd, failed to repay investors in the manner provided under the SEBI (Collective Investment Schemes) Regulations, 1999. 
 
In view of the above, Chairman, SEBI has, vide Order dated 10.2.2003, directed the entity to refund the money collected under its scheme(s) with returns due to investors as per the terms of the offer within a period of one month from the date of the Order failing which the following actions would follow:

1. Initiation of prosecution under section 24 of SEBI Act, 1992.
2. The entity and its concerned officials would be debarred from operating in the capital market and from accessing the 
   capital market for a period of 5 years.
3. Reference would be made to the state government/local police to register civil/criminal cases against the entity for the 
   offences of fraud, cheating, criminal breach of trust and misappropriation of public funds.
4. Reference would be made to the Department of Company Affairs to initiate the process of winding up of the entity.