PRESS RELEASE - SEBI

October 20, 2015
PR No. 248/2015

Order in the matter of M/s. Abyss Assam Real Estate Limited

Shri S. Raman, Whole Time Member, SEBI, has passed an Interim Order dated October 13, 2015 in the matter of Abyss Assam Real Estate Limited (AAREL) under the SEBI Act read with SEBI (Disclosure and Investor Protection) Guidelines, 2000 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 inter-alia directing. 

  • AAREL shall not mobilize any fresh funds from investors through the Offer of Preference Shares 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 till further directions;
     
  • AAREL and its present Directors, viz. Shri Dhanjit Gayary, Shri Aynal Hoque Talukdar, Shri Abdul Maleque Miah, Shri Mazibar Rahman 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 past Directors of AAREL, viz. Shri Md. Mazibar Rahman and Shri Tilak Sarma 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;
     
  • AAREL and its abovementioned past and present 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;
     
  • AAREL shall provide a full inventory of all its assets and properties;
     
  • AAREL's abovementioned past and present Directors shall provide a full inventory of all their assets and properties;
     
  • AAREL and its abovementioned present Directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the Offer of Preference Shares, without prior permission from SEBI;
     
  • AAREL and its abovementioned present Directors shall not divert any funds raised from public at large through the Offer of Preference Shares, which are kept in bank account(s) and/or in the custody of AAREL;
     
  • AAREL and its abovementioned Directors shall furnish complete and relevant information in respect of the Offer of Preference Shares within 14 days from the date of receipt of this Order.

The company was engaged in fund mobilizing activity from the public through issue of Redeemable Preference Shares without complying with the relevant provisions of the Companies Act, 1956 and the provisions of SEBI Disclosure and Investor Protection) Guidelines, 2000 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Mumbai
 
October 20, 2015

For full copy of order against ABDUL MALEQUE MIAH, click here.

For full copy of order against ABYSS ASSAM REAL ESTATE LTD., click here.

For full copy of order against AYNAL HOQUE TALUKDAR, click here.

For full copy of order against DHANJIT GAYARY, click here.

For full copy of order against MAZIBAR RAHMAN, click here.

For full copy of order against MD.MAZIBAR RAHMAN, click here.

For full copy of order against TILAK SARMA, click here.