PRESS RELEASE - SEBI

June 17, 2015
PR No. 156/2015

Show cause notice cum Interim order in the matter of Polaris Realtors India Limited

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has prima-facie found that Polaris Realtors India Limited ("Company") having its registered office at 214, Badridham Nagar, PO & PS: Dewas, Dewas:- 455001 (Madhya Pradesh) has been illegally raising money from public and accordingly passed an interim order dated June 15, 2015 against the company and its promoters/directors, Shri Jafar Ali Molla, Shri Kartick Chandar Das and Shri Gopal Nayek and its Debenture Trustee, viz. Polaris Debenture Trust (represented by Mrs. Dipanwita Das). The Order, inter-alia directs as under:

  • The company shall forthwith cease to mobilize any fresh funds from investors through the Offer of Nonconvertible Redeemable Secured Debentures ("NCDs") or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly.
  • 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.
  • 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. 
  • The company and its directors shall provide full inventory of all their assets and properties.
  • The company and its directors shall not dispose off any of the properties or alienate or encumber any of the assets owned/acquired by the company through the offer of Non-Convertible Redeemable Secured Debentures ("NCDs").
  • The company and its present/past directors shall not divert any funds raised from public at large through the Offer of NCDs, which are kept in bank account(s) and/or in the custody of the company.
  • The Debenture Trustee, viz. Polari Debenture Trust is prohibited from continuing with his present assignment as debenture trustee in respect of the Offer 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.

The company was engaged in fund mobilizing activity from the public through Offer of NCDs without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008.

 
Mumbai
 
June 17, 2015

 

For full copy of order against DIPANWITA DAS, click here.

For full copy of order against GOPAL NAYEK, click here.

For full copy of order against JAFAR ALI MOLLA, click here.

For full copy of order against KARTICK CHANDAR DAS, click here.

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

For full copy of order against POLARIS REALTORS INDIA LTD., click here.