August 19, 2014
PR No. 095/2014

Order in the matter of M/s Progress Cultivation Limited

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an order dated August 14, 2014 in the matter of Progress Cultivation Limited, inter-alia directing that the company shall not mobilize funds from investors. Further, the company and its directors are prohibited from issuing 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. The company and its directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.
 
The Company, its directors have further been directed not to dispose off any of the properties or alienate or encumber any of the assets owned/acquired by the Company through the issue of redeemable preference Shares, without prior permission from SEBI and not to divert any funds raised from public at large through the Offer of Non-Convertible Debentures, which are kept in bank account(s) and/or in the custody of the company.
 
The company was engaged in fund mobilizing activity through issue of Redeemable preference Shares to more than 49 person without complying with the relevant provisions of the Companies Act, 1956.

Mumbai
August 19, 2014

For full copy of order against AJOY DAS, click here.

For full copy of order against AVINASH CHANDRA VERMA, click here.

For full copy of order against BIKASH HOWLADER, click here.

For full copy of order against PROGRESS CULTIVATION LTD., click here.

For full copy of order against SAMIR DAS, click here.

For full copy of order against SOHINI MISTRY, click here.

For full copy of order against SOUVIK MISTRY, click here.