PRESS RELEASE - SEBI

June 25, 2015
PR No. 168/2015

Order in the matter of M/s Sun-Plant Business Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on June 03, 2015, wherein M/s. Sun-Plant Business Limited and its promoters and directors (Mr. Basant Kumar Sasmal, Mr. Amit Kumar Chowdhury and Mr. Mahesh Chandra Prasad) 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 compounded 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.
 
The directors Mr. Basant Kumar Sasmal, Mr. Amit Kumar Chowdhury and Mr. Mahesh Chandra Prasad), have also been restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of 4 years. 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, for a period of 4 years.
 
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, read with Section 465 of the Companies Act, 2013; the SEBI DIP guidelines read with SEBI ICDR Regulations, 2009.
 
SEBI had passed an interim order on November 24, 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 June 03, 2015 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
 
June 25, 2015


 

For full copy of order against SUN-PLANT BUSINESS LIMITED, MR. BASANT KUMAR SASMAL, MR. AMIT KUMAR CHOWDHURY AND MR. MAHESH CHANDRA PRASAD click here.