May 07, 2015
PR No. 123/2015

Order in the matter of M/s Sunplant Forgings Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on April 29, 2015, wherein M/s. Sunplant Forgings Limited. and its past/ present directors (Mr. Abhinandan Kumar Singh, Mr. Sumanta Sinha, Mr. Neeraj Pathak and Mr. Arup Kumar De) inter-alia have been directed to refund the money collected by the company through issuance of Redeemable Preference Shares, with interest at the rate of 15% per annum at half yearly intervals and also not to access the capital market in any manner. The company has also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Mr. Abhinandan Kumar Singh, Mr. Sumanta Sinha and Mr. Neeraj Pathak shall be restrained from accessing the securities market and would be further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly in whatsoever manner, with immediate effect. They are also restrained from associating themselves with any listed public company and any public company which intends to raise money from the public, or any intermediary registered with SEBI. The above directions shall come into force with immediate effect and shall continue to be in force from the date of this Order till the expiry of 4 years from the date of completion of refunds to investors as directed above.
 
The company was engaged in fund mobilizing activity through issuance of Redeemable Preference Shares, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956.
 
SEBI had passed an interim order on July 16, 2014 in the matter, whereby inter-alia, it directed the company and its promoters/directors not to collect any more money from investors through issuance of securities in any manner whatsoever.
 
The present order dated April 29, 2015 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
 
May 07, 2015

For full copy of order against Sunplant Forgings Limited, Mr. Abhinandan Kumar Singh, Mr. Sumanta Sinha and Mr. Neeraj Pathak click here.