| PRESS RELEASE - SEBI |
August 10, 2015
Order in the matter of M/s PAFL Industries Limited Shri Prashant Saran, Whole Time Member, SEBI has passed an order on August 05, 2015, wherein M/s. PAFL Industries Limited, its promoters and directors 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 compounded at half yearly intervals and also not to access the capital market in any manner. The company and its promoters and directors have 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 promoters and 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. 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 promoters and 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. 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 read with Section 465 of the Companies Act, 2013. The company, its promoters and directors shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily (in Bengali) with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within fifteen days of this Order coming into effect.. 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 collect any more money from investors through issuance of securities in any manner whatsoever. The present order dated August 05, 2015 brings to conclusion the above said proceedings with the aforesaid directions.
Mumbai |
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For full copy of order against PAFL Industries Ltd., Mr.Anjan Das, Mr.Sankar Saha, Mr.Satya Charan Mondal, Ms.Mita Mukherjee, Mr.Sanjoy Biswas, Mr.Abdul Malek, Mr.Krishna Dakuya, Mr.Mabud Hossain, Mr.Rejaul Seikh and Mr.Sudip Bala. click here. |
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