April 20, 2015
PR No. 114/2015

Interim Order cum Show Cause Notice in the matter of M/s Pious Agro Industries Limited

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an interim order cum Show Cause Notice dated April 17, 2015 in the matter of Pious Agro Industries 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 and its directors have further been directed not to dispose of any of the properties or alienate or encumber any of the assets of the Company without prior permission of SEBI and not to divert any funds raised from public at large through the offer of Redeemable Preference shares, 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
 
April 20, 2015

For full copy of order against CHIRANJIB BANERJEE, click here.

For full copy of order against MONORANJAN DEY, click here.

For full copy of order against PALAS CHANDRA DEY, click here.

For full copy of order against PIOUS AGRO INDUSTRIES LTD., click here.

For full copy of order against SUNITA SAHA, click here.