May 19, 2015
PR No. 134/2015

Order in the matter of M/s. Wasankar Wealth Management Limited

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order dated May 18, 2015, under sections 11, 11(4), 11A and 11B of SEBI Act, 1992 in the matter of M/s. Wasankar Wealth Management Limited, inter-alia directing the company and its promoters/directors to refund the money collected by the Company through the issuance of Non-Convertible Preference Shares (NCPS) with an interest of 15% per annum compounded at half yearly intervals.
 
The Company and its promoters/directors 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. Further, they are also directed not to access the capital market, restrained and prohibited from buying, selling or otherwise dealing in the securities market from the date of this order till expiry of 4 years from the date of completion of refunds to investors as directed above. The promoters/directors 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, from the date of this order till expiry of 4 years, on completion of the refunds to the investors, as directed above.
 
The company was engaged in fund mobilizing activity through issue of NCPS to more than 49 person without complying with the relevant provisions of the Companies Act, 1956.
 
SEBI had passed an interim order on July 31, 2014 in the matter, whereby inter-alia, it directed the company and its promoters/directors not to mobilize funds from investors through issuance of securities in any manner whatsoever.
 
The present order dated May 18, 2015 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
 
May 19, 2015

For full copy of order against WASANKAR WEALTH MANAGEMENT LIMITED, MR. PRASHANT JAIDEV WASANKAR, MS. MITHILA VINAY WASANKAR, MR. VINAY JAIDEV WASANKAR, MR. BHAGYASHREE PRASHANT WASANKAR, MR. ABHIJEET JAYANT CHAUDHARI click here.