February 21, 2014
PR No. 016/2014

Order in the matter of M/s. Prayag lnfotech Hi-rise Ltd.

Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated February 18, 2014, confirming the interim order dated September 30, 2013 wherein inter alia 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 were directed 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 and not to dispose any of the properties of the said company or divert any funds raised from public at large.
 
It is alleged that the company was engaged in fund mobilising activity through issue of redeemable preference shares to more than 49 persons without complying with the various provisions of the Companies Act, 1956 and SEBI DIP Guidelines, 2000.
 

Mumbai

February 21, 2014

For full copy of order against PRAYAG INFOTECH HI-RISE LTD., MR.BASUDEB BAGCHI, MR.AVIK BAGCHI, MRS.SWAPNA BAGCHI, AND MR. LAKSHMI KANT, click here.