April 13, 2015
PR No. 105/2015

Order in the matter of M/s I-Nova Solutions Limited

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an order dated March 31, 2015 in the matter of I-Nova Solutions 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 have further been directed not to dispose off any of the properties or alienate or encumber any of the assets of the Company without prior permission from SEBI and not to divert any funds raised from public at large through the Offer of Redeemable Preference Shares which are kept in bank account(s) and/or in the custody of the company.
 
The company and its Directors, are 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 was engaged in fund mobilizing activity through issue of Redeemable Preference Shares to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956, the DIP guidelines read with ICDR Regulations, 2009.

Mumbai
 
April 13, 2015

For full copy of order against I-NOVA SOLUTIONS LTD., click here.

For full copy of order against JAYANTA CHAKRABARTY, click here.

For full copy of order against RAJIB MUKHERJEE, click here.

For full copy of order against TAPAN PAL, click here.

For full copy of order against TUSHAR KANTI CHAKRABORTY, click here.