June 26, 2015
PR No. 174/2015

Order in the matter of M/s Waris Finance and Investment Limited

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an order dated June 23, 2015 in the matter of Waris Finance and Investment Limited, inter-alia directing that the company shall not mobilize funds from investors. Further, the company and its present and past 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 present directors have further been directed not to dispose off any of the properties or alienate or encumber any of the assets of the Company without prior permission from SEBI and not to divert any funds raised from public at large through the issuance of Non- Convertible Secured Redeemable Debentures, which are kept in bank account(s) and/or in the custody of the company.

The Debenture Trustees, viz. Shri Kallol Saha, is prohibited from continuing with his present assignment as debenture trustees in respect of the Offer of Non- Convertible Secured Redeemable Debentures of the company and also from taking up any new assignment or involvement in any new issue of debentures, etc. in a similar capacity, from the date of this order till further directions.

The company, its present and its past directors 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.

The company was engaged in fund mobilizing activity through issue Non- Convertible Secured Redeemable Debentures to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956, and provisions of the SEBI (issue and Listing of Debt Securities) Regulations, 2008.

Mumbai
 
June 26, 2015

For full copy of order against AZIZ AHMED, click here.

For full copy of order against IFTEKHAR AHMED, click here.

For full copy of order against IMTIAZ KHAN WARSI, click here.

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

For full copy of order against MOHAMMAD SHADAB ALI, click here.

For full copy of order against QURAISHA KHATOON, click here.

For full copy of order against RUHI GHAZALA WARSI, click here.

For full copy of order against SHANE AHMED WARSI, click here.

For full copy of order against WARIS FINANCE & INVESTMENT LTD., click here.