November 26, 2015
PR No. 272/2015

Order against the past directors of Falkon Industries India Limited

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an order dated November 20, 2015 against the past director of Falkon Industries India Limited (FIIL), viz. Shri Akmal Sekh inter-alia directing that Shri Akmal Sekh is 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 abovementioned past Director of FIIL is 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;

Further, the abovementioned past Director of FIIL shall provide a full inventory of all his assets and properties.

The company was engaged in fund mobilizing activity through issue of Redeemable Preference Shares(RPS) to more than 49 persons without complying with relevant provisions of the Companies Act, 1956. The above mentioned person was earlier a Director of FIIL during the offer of RPS.

Mumbai
 
November 26, 2015

For full copy of order against AKMAL SEKH, click here.