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October 29, 2015
PR No. 253/2015
Order in the Matter of M/s. Greenworld Agro Industries Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated October 12, 2015 under section 19 of
the Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(4), 11A and 11B against the
company viz. M/s. Greenworld Agro Industries Limited and its Directors viz. Mr. Md. Mahbub Alam Kamal, Mr.
Mohammed Wahedur Rahman, Mr. Ashis Mukherjee, Ms. Sakila Banu, Ms. Nargis Parvin, Mr. Mohammed Karej
Shaikh, Mr. Rejaul Shaikh and Mr. Imrul Islam. The Order inter-alia directs as under:
- The Company, Greenworld Agro Industries Limited, Mr. Md. Mahbub Alam Kamal, Mr. Mohammed Wahedur
Rahman, Mr. Ashis Mukherjee, Ms. Sakila, Ms. Nargis Parvin, Mr. Mohammed Karej Shaikh, Mr. Rejaul
Shaikh and Mr. Imrul jointly and severally, shall forthwith refund the money collected by the Company through
the issuance of Redeemable Preference Shares to the investors including the money collected from investors,
till date, pending allotment of RPS, if any, with an interest of 15% per annum compounded at half yearly
intervals, from the date when the repayments became due (in terms of Section 73(2) of the Companies Act,
1956) to the investors till the date of actual payment.
- The Company/ its present management is permitted to sell the assets of the Company only for the sole
purpose of making the refunds as directed above and deposit the proceeds in an Escrow Account opened
with a nationalised Bank.
- The Company shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and
in one local daily (in Bengali) with wide circulation, detailing the modalities for refund, including details on
contact persons including names, addresses and contact details, within fifteen days of this Order coming into
effect.
- After completing the aforesaid repayments, the Company shall file a report of such completion of repayment
with SEBI, within a period of three months from the date of this order, certified by two independent peer
reviewed Chartered Accountants who are in the panel of any public authority or public institution. For the
purpose of this Order, a peer reviewed Chartered Accountant shall mean a Chartered Accountant, who has
been categorized so by the Institute of Chartered Accountants of India ('ICAI').
- The Company/ its present management are also directed to provide a full 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.
- The Company is directed not to, directly or indirectly, access the capital market by issuing prospectus, offer
document or advertisement soliciting money from the public and is further restrained and prohibited from
buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from
the date of this Order till the expiry of four (4) years from the date of completion of refunds to investors, made
to the satisfaction of SEBI, as directed above. The Company is restrained from accessing the securities
market for the purposes of raising funds with immediate effect.
- The directors including former directors, namely, Mr. Md. Mahbub Alam Kamal, Mr. Mohammed Wahedur
Rahman, Mr. Ashis Mukherjee, Ms. Sakila Banu, Ms. Nargis Parvin, Mr. Mohammed Karej Shaikh, Mr. Rejaul
Shaikh and Mr. Imrul Islam are restrained from accessing the securities market and are further prohibited from
buying, selling or otherwise dealing in securities, directly or indirectly, with immediate effect. They are also
restrained from associating themselves with any listed public company and any public company which intends
to raise money from the public, with immediate effect. This restraint shall continue to be in force for a further
period of four (4) years on completion of the repayments, as directed above.
- The above directions shall come into force with immediate effect.
It is observed that the company was engaged in fund mobilizing activity through issue of Redeemable Preference
Shares to more than 49 persons without complying with the provisions of the Companies Act, 1956.
Mumbai
October 29, 2015
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