PRESS RELEASE - SEBI

June 01, 2016
PR No. 106/2016


Order in the matter of M/s Rising Agrotech Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on August 03, 2015, wherein M/s. Rising Agrotech Limited and its past/ present directors (Shri Siddhartha Kayal, Shri Dipan Kumar Sen, Shri Sushovan Roy and Shri Bikash Bhandary) inter-alia have been directed to refund the money collected by the company through issuance of Preference Shares, with interest at the rate of 15% per annum at half yearly intervals and also not to access the capital market in any manner. The company has also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Further, Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated May 19, 2016 against past director namely Ms. Lina Kayal and has directed that above mentioned direction shall also apply mutatis mutandis to Ms. Lina Kayal along with other directions of the order dated on August 03, 2015.
 
The past director, Ms. Lina Kayal has also been restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of 4 years. She is also restrained from 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, for a period of 4 years.
 
The company was engaged in fund mobilizing activity through issuance of Preference Shares, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with the Companies Act, 2013.

Mumbai
June 01, 2016


 

For full copy of order against MS.LINA KAYAL click here.