PRESS RELEASE - SEBI

April 26, 2016
PR No. 080/2016


Order in the matter of M/s Dynamic Asset Management Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on April 20, 2016, wherein M/s Dynamic Asset Management Limited its promoters/ directors, inter-alia have been directed to refund the money collected by the company through issuance of Redeemable Preference Shares(RPS) including the money collected from investors, till date, pending allotment of RPS, if any, with interest at the rate of 15% per annum compounded at half yearly intervals.
 
The company and its promoters/ directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, with immediate effect. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and associating themselves with any listed public company and any public company which intends to raise money from the public, or any intermediary registered with SEBI. The above directions shall come into force with immediate effect and shall continue to be in force from the date of this Order till the expiry of 4 years from the date of completion of refunds to investors.
 
The company and its directors shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within fifteen days of this Order coming into effect. 
 
The company was engaged in fund mobilizing activity through issuance of Redeemable Preference shares to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with Companies Act, 2013.
 
SEBI had passed an interim order on January 09, 2015 in the matter, whereby inter-alia, it directed the company and its promoters/ directors not to collect any more money from investors through issuance of securities in any manner whatsoever. 
 
The present order dated April 20, 2016 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
April 26, 2016


 

For full copy of order against DYNAMIC ASSET MANAGEMENT LTD., MR.BASANTA KUMAR SUNDARA, MR.SAROJ KUMAR SAHOO, MR.RAJESH DAS, MR.PRADIP KUMAR MAHAPATRA, MR.AJAYA KUMAR DAS, MR.SUSANTA KUMAR PANDA, MR. NARENDRA ROUT, MR.NIHAR RANJAN BIDHAR, MR.KISHORE CHANDRA MAHARATHI, MR.SANGRAM KESHARI TARAI, MR.MADHABA PRASAD MOHANTY and MR.SUGYANI CHARAN NANDA click here.