PRESS RELEASE - SEBI

October 29, 2015
PR No. 250/2015

Order in the Matter of M/s. Idol India Projects Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated October 09, 2015 under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(4), 11A and 11B against the company viz. M/s. Idol India Projects Limited and its Directors viz. Shri Pintu Sarkar, Shri Bappaditya Majumder, Shri Ajay Kumar and Shri Shribas Chandra Das The Order inter-alia directs as under:

  • IIPL shall not mobilize any fresh funds from investors through the Offer of Redeemable Preference Shares or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions;
     
  • IIPL and its present Directors, viz. Shri Pintu Sarkar, Shri Bappaditya Majumder and Shri Ajay Kumar 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 past Director of IIPL, viz. Shri Shribas Chandra Das is 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;
     
  • IIPL and its abovementioned past and present 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;
     
  • IIPL shall provide a full inventory of all its assets and properties;
     
  • IIPL's abovementioned past and present Directors shall provide a full inventory of all their assets and properties;
     
  • IIPL and its abovementioned present Directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the Offer of Redeemable Preference Shares, without prior permission from SEBI;
     
  • IIPL and its abovementioned present Directors 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 IIPL;
     
  • IIPL and its abovementioned Directors shall furnish complete and relevant information in respect of the Offer of Redeemable Preference Shares within 14 days from the date of receipt of this Order.

It is observed that the company was engaged in fund mobilizing activity through issue of Redeemable Preference Shares to more than 49 persons without complying with the provisions of the Companies Act, 1956.

Mumbai
 
October 29, 2015

For full copy of order against AJAY KUMAR, click here.

For full copy of order against BAPPADITYA MAJUMDER, click here.

For full copy of order against IDOL INDIA PROJECTS LTD., click here.

For full copy of order against PINTU SARKAR, click here.

For full copy of order against SHRIBAS CHANDRA DAS, click here.