February 04, 2015
PR No. 028/2015

Order in the matter of M/s Prayas Projects India Limited

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an interim order dated January 30, 2015 in the matter of Prayas Projects India Limited, inter-alia directing that the company shall not mobilize funds from investors. Further, the company and its directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders. The company and its directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.
 
The Company and its directors have further been directed not to dispose of any of the properties or alienate or encumber any of the assets of the Company without prior permission of SEBI and not to divert any funds raised from public at large through the offer of Secured Redeemable Non–Convertible Debentures (NCDs), which are kept in bank account(s) and/or in the custody of the company. 
 
Also, Debenture Trustee viz. Prayas Debenture Trust (represented by its Trustee, viz. Shri Ashraful Hoque) is prohibited from continuing with his present assignment as debenture trustee in respect of the issue of NCDs of the company and also from taking up any new assignment or involvement in any new issue of debentures, etc. in a similar capacity, from the date of this order till further directions.
 
The company was engaged in fund mobilizing activity through issue of NCDs to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956, read with SEBI (Issue and Listing of Debt Securities) Regulations, 2008.

Mumbai
February 04, 2015

For full copy of order against ABU SAMA MOLLA, click here.

For full copy of order against AJIJUR RAHAMAN, click here.

For full copy of order against ASHRAFUL HOQUE, click here.

For full copy of order against ASHRAFUL HOQUE, click here.

For full copy of order against KAIZAR BISWAS, click here.

For full copy of order against MOHAMMAD JIAUR RAHAMAN, click here.

For full copy of order against PRAYAS DEBENTURE TRUST, click here.

For full copy of order against PRAYAS PROJECTS INDIA LTD., click here.

For full copy of order against SARIFUL ISLAM, click here.