PRESS RELEASE - SEBI

April 16, 2015
PR No. 108/2015

Order in the matter of M/s. Morningstar Ventures Limited (MVL)

Shri S. Raman, Whole Time Member, SEBI, has passed an Interim Order on March 30, 2015 under the Securities and Exchange Board of India Act, 1992 in the matter of M/s. Morningstar Ventures Limited issuing the following directions.

  1. MVL shall forthwith cease to mobilize any fresh funds from investors through the Offer of RPS or through any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly,
    till further directions;
     
  2. MVL and its directors/promoters namely Shri Chakrapani Sarangi Shri Bhabani Satapathy, Shri Sujit Mohapatra, Shri Deepak Ranjan Samant, Shri Himanshu Bhusan Nayak; Shri Kumar Saheb Padma Bhusan Pradhan and Mrs. Swarna Lata Devi 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;
     
  3. MVL and its abovementioned Directors/Promoters are 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.
     
  4. MVL shall provide a full inventory of all its assets and properties;
     
  5. The Directors/Promoters of MVL shall provide a full inventory of all their assets and properties;
     
  6. MVL and its abovementioned Directors/Promoters shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the Offer of RPS, without prior permission from SEBI;
     
  7. MVL and its abovementioned Directors/Promoters shall not divert any funds raised from public at large through the Offer of RPS, which are kept in bank account(s) and/or in the custody of MVL;
     
  8. MVL and its abovementioned Directors/Promoters shall, within 21 days from the date of receipt of this Order, provide SEBI with all relevant and necessary information as sought by SEBI.

M/s. Morningstar Ventures Limited was engaged in fund mobilizing activity through issue of Redeemable Preference Shares to more than 49 persons without complying with the provisions of the Companies Act, 1956.


Mumbai
 
April 16, 2015

 

For full copy of order against BHABANI SATAPATHY, click here.

For full copy of order against CHAKRAPANI SARANGI, click here.

For full copy of order against DEEPAK RANJAN SAMANT, click here.

For full copy of order against HIMANSHU BHUSAN NAYAK, click here.

For full copy of order against KUMAR SAHEB PADMA BHUSAN PRADHAN, click here.

For full copy of order against MORNINGSTAR VENTURES LTD., click here.

For full copy of order against SUJIT MOHAPATRA, click here.

For full copy of order against SWARNA LATA DEVI, click here.