PRESS RELEASE - SEBI

June 08, 2015
PR No. 151/2015

Interim Order cum Show Cause Notice in the matter of M/s AVM Real Estate and Allied Limited and
its Directors

Mr. S. Raman, Whole Time Member, SEBI has passed an interim order on June 5, 2015 in the matter of M/s AVM Real Estate and Allied Limited ( Company) and its Directors. The company is having its registered office at 74/9, Second Floor, Flat No.303, Hans Chowk, Nehru Nagar (E), Bhilai , Dist. Durg (CG) – 490 020. The order inter-alia directed the company and directors Shri Rajeshwar Prasad Dwivedi, Shri Anil Kumar Sahu, Shri Ashutosh Dwivedi and Shri Mahendra Kumar Sahu as under:- 

  1. They shall henceforth cease to mobilize funds from investors through the Offer of Redeemable Preference Shares or through any other securities to the public and/or invite subscription in any manner whatsoever, either directly or indirectly, till further directions.
     
  2. They 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. They 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. They shall not dispose off any of the properties or alienate or encumber any of the assets owned/acquired by the Company through the Offer of Redeemable Preference Shares, without permission from SEBI 
     
  5. They shall not 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 had issued Redeemable Preference Shares without complying with provisions of SEBI Act, 1992 and other relevant provisions of Companies Act, 1956 and Companies Act, 2013 administered by SEBI.

Mumbai
 
June 08, 2015

 

For full copy of order against ANIL KUMAR SAHU, click here.

For full copy of order against ASHUTOSH DWIVEDI, click here.

For full copy of order against AVM REAL ESTATE & ALLIED LTD., click here.

For full copy of order against MAHENDRA KUMAR SAHU, click here.

For full copy of order against RAJESHWAR PRASAD DWIVEDI, click here.