PRESS RELEASE - SEBI

February 13, 2015
PR No. 037/2015

Order in the matter of M/s. HBN Dairies & Allied Limited

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order dated February 12, 2015 in the matter of
M/s. HBN Dairies & Allied Limited, with the following directions:

  1. a. M/s. HBN Dairies & Allied Limited and its directors/ former directors namely Mr. Harmender Singh Sran, Mr.Satnam Singh Randhava, Mr. Amandeep Singh Sran, Mr. Gajraj Singh Chauhan, Ms. Manjeet Kaur Sran, Ms.Jasbeer Kaur, Mr. Rakesh Kumar Tomar, Mr. Sukhdev Singh Dhillon and Ms. Sukhjeet Kaur shall abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the scheme which have been identified as a Collective Investment Scheme in the Order.
     
  2. HBN Dairies & Allied Limited and its directors/ former directors namely Mr. Harmender Singh Sran, Mr. Satnam Singh Randhava, Mr. Amandeep Singh Sran, Mr. Gajraj Singh Chauhan, Ms. Manjeet Kaur Sran, Ms. Jasbeer Kaur, Mr. Rakesh Kumar Tomar, Mr. Sukhdev Singh Dhillon and Ms. Sukhjeet Kaur are restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four (4) years.
     
  3. HBN Dairies & Allied Limited and its directors namely Mr. Harmender Singh Sran, Mr. Amandeep Singh Sran, Ms. Manjeet Kaur Sran and Ms. Jasbeer Kaur shall forthwith wind up the existing Collective Investment Schemes and refund the money collected by the said company under the schemes with returns which are due to its investors as per the terms of offer, on or before March 09, 2015 and thereafter within a period of fifteen days, submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds.
     
  4. The Company shall provide proof including trail of funds, bank statements to support its contention that it has refunded the monies to its investors.
     
  5. HBN Dairies & Allied Limited and its directors namely Mr. Harmender Singh Sran, Mr. Amandeep Singh Sran, Ms. Manjeet Kaur Sran and Ms. Jasbeer Kaur shall not alienate or dispose off or sell any of the assets of HBN Dairies & Allied Limited except for the purpose of making refunds to its investors as directed above.
     
  6. HBN Dairies & Allied Limited and its directors/ former directors namely Mr. Harmender Singh Sran, Mr. Satnam Singh Randhava, Mr. Amandeep Singh Sran, Mr. Gajraj Singh Chauhan, Ms. Manjeet Kaur Sran, Ms. Jasbeer Kaur, Mr. Rakesh Kumar Tomar, Mr. Sukhdev Singh Dhillon and Ms. Sukhjeet Kaur are also directed to provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form.


Mumbai
 
February 13, 2015

 

For full copy of order against HBN DAIRIES & ALLIED LIMITED, MR. HARMENDER SINGH SRAN, MR. SATNAM SINGH RANDHAVA, MR. AMANDEEP SINGH SRAN, MR. GAJRAJ SINGH CHAUHAN, MS. MANJEET KAUR SRAN, MS. JASBEER KAUR, MR. RAKESH KUMAR TOMAR, MR. SUKHDEV SINGH DHILLON, and MS. SUKHJEET KAUR click here.