PRESS RELEASE - SEBI

October 07, 2013
PR No. 100/2013

Order in the matter of M/s. Prayag Infotech Hi-rise Ltd (PIHL)

Shri Prashant Saran, Whole Time Member, SEBI has passed an interim order dated September 30, 2013 under Sections 11(1), 11(4), 11A, 11B and Clause 17 of SEBI (Disclosure and Investor Protection) Guidelines, 2000 read
with Section 111 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 directing M/s. Prayag infotech Hi-rise Ltd and its Directors/Promoters, viz. Mr. Basudeb Bagchi, Mr. Avik Bagchi, Mrs. Swapna Bagchi and Mr. Lakshmi Kant -

  1. not to mobilize funds through the issue of redeemable preference shares or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions;
  2. not to issue 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;
  3. not to dispose any of the properties of the said company or alienate the assets acquired/created through the funds raised from public by issuance of the impugned redeemable preference shares;
  4. not to divert any funds raised from public at large through the issuance of the impugned redeemable preference shares, kept in its bank accounts and/or in the custody of the company without prior permission of SEBI until further orders.

It is alleged that the company was engaged in fund mobilising activity through issue of redeemable preference shares to more than 49 person without complying with the various provisions of the Companies Act, 1956 and SEBI
DIP Guidelines, 2000.

 
Mumbai

October 07, 2013


For full copy of order against AVIK BAGCHI, click here.

For full copy of order against BASUDEB BAGCHI, click here.

For full copy of order against LAKSHMI KANT, click here.

For full copy of order against PRAYAG INFOTECH HI-RISE LTD., click here.

For full copy of order against SWAPNA BAGCHI, click here.