September 27, 2001
PR No. 169/2001

Prosecution of Gujarat Dehyd Foods Ltd., and 
Gujarat Fun N Water Park Ltd.

Securities and Exchange Board of India has been receiving hundreds of complaints from the investors that the following Ahmedabad based companies failed to deliver the share certificates lodged by them for the purpose of transfer within the limit of two months from the date of lodging as mandated under the provisions of Companies Act, 1956. Complaints with respect to non- payment of dividend to the shareholders were also received by SEBI:

  1. Gujarat Dehyd Foods Ltd., and

  2. Gujarat Fun N Water Park Ltd., 

SEBI advised the above companies several times to redress the grievances of their shareholders. However, the said companies failed to take any satisfactory action.
In the above circumstances, Securities and Exchange Board of India has launched prosecution against the above companies and their directors under Sec. 113 and 207 of Companies Act, 1956 by filing a complaint before the Addl. Chief Metropolitan Magistrate, at Ahmedabad.