PRESS RELEASE - SEBI

January 16, 2015
PR No. 014/2015

Order in the matter of M/s Sai Prasad Foods Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated January 14, 2015 in the matter of M/s
Sai Prasad Foods Limited. The following directions have been issued:

  • Sai Prasad Foods Limited (PAN : AAHCS3986M) and its promoters and directors including Mr. Balasaheb K.Bhapkar (PAN : AFIPB3674A), Mrs. Vandana B. Bhapkar (PAN : AFIPB3675B) and Mr. Shashank B. Bhapkar (PAN : AQHPB8639H) shall abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the schemes which have been identified as a Collective Investment Scheme in the Order.
     
  • Sai Prasad Foods Limited and its promoters and directors shall wind up the existing Collective Investment Schemes and refund the monies collected by the said company under the schemes with returns which are due to its investors as per the terms of offer/agreement within a period of three months from the date of the Order.
     
  • Sai Prasad Foods Limited and its promoters and directors shall not alienate or dispose off or sell any of the assets of the aforesaid company except for the purpose of making refunds to its investors. Sai Prasad Foods Limited and its promoters and directors are directed to immediately submit the complete and detailed inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form.
     
  • Sai Prasad Foods Limited and its promoters and directors, are restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four (4) years.

The company has been found to have launched collective investment schemes, as defined in Section 11AA of the SEBI Act, without obtaining certificate of registration from SEBI.


Mumbai
 
January 16, 2015


 

For full copy of order against SAI PRASAD FOODS LIMITED, MR.BALASAHEB K. BHAPKAR, MRS. VANDANA B. BHAPKAR and MR. SHASHANK B. BHAPKAR click here.