Issued by : PRIMARY MARKET DEPARTMENT

Subject : M/s Saket Extrusions Ltd -Action against vanishing company

M/s. Saket Extrusion Ltd.(SEL) came out with a public issue of 21,30,000 equity shares of Rs.10/- each for cash at par in April 1994 aggregating Rs.213 lacs for listing its shares at Calcutta, Mumbai and Indore Stock Exchanges vide its prospectus dated 19.1.94. 


It was found that the Company was not complying with the requirements of listing agreement as well as other relevant legal and statutory requirements. Further, physical verification conducted by Calcutta Stock Exchange revealed that the company was not located its registered office address.


The Calcutta Task Force (comprising of DCA Officers, SEBI Officials and concerned Stock Exchange Officials) in its meeting held on April 2nd 2002, identified SEL as non traceable. SEBI issued show cause notices to the Company and its Directors. After due process, vide order dated 27th September 2002, u/s 11B of the SEBI Act, 1992, SEBI directed the company and its Directors as per details given below, to disassociate themselves in every respect from the capital market related activities and not to access the capital market for a period of five years, i.e. more specifically, they shall not be allowed to raise funds from the capital market, deal in securities and shall also not be or be associated with any of the intermediaries in the capital market for a period of 5 years. Further, the public companies in which the above directors hold controlling or substantial interest shall not be allowed to raise funds from the capital market for a period of five years.

These directions are being issued without prejudice to the right of SEBI to take any other action as deemed fit, under provisions of law, against the Companies and their Directors.