August 20, 2015
PR No. 209/2015
Order in the matter of M/s Torsa Agro Projects Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed an order on August 14, 2015, wherein M/s Torsa Agro
Projects Limited and its directors inter-alia have been directed to refund the money collected by the company
through issuance of Cumulative 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
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 directors of the company 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 Cumulative Redeemable Preference
Shares, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 and
DIP Guidelines read with SEBI (ICDR) Regulations, 2009.
The Company and its 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 September 12, 2014 in the matter, whereby inter-alia, it directed the company
and its directors not to collect any more money from investors through issuance of securities in any manner
whatsoever.
The present order dated August 14, 2015 brings to conclusion the above said proceedings with the aforesaid
directions.
Mumbai
August 20, 2015 |
For full copy of order against
TORSA AGRO PROJECTS LIMITED, SHRI ARUP KUMAR DEY, SHRI ARUN MAJI, SHRI ASHISH KUMAR DEY, SHRI RANJIT CHANDRA PATHAK, SHRI PRAN GOBIND DEBNATH, SMT. NIELHOUSANUO ANGAMI AND SHRI DIPANKAR MEDDA
click here.
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