December 16, 2015
PR No. 292/2015

Order in the matter of M/s Adarsh Wealth Ventures Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on December 10, 2015, wherein M/s. Adarsh Wealth Ventures Limited and its promoters/ directors inter-alia have been directed to refund the money collected by the company through issuance of Redeemable Preference Shares including the money collected from investors, till date, pending allotment, if any, 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/ 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/ 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.
 
The company shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily (in Oriya) 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 March 19, 2015 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 December 10, 2015 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
 
December 16, 2015

For full copy of order against ADARSH WEALTH VENTURES LTD., MR.BIJAYA KUMAR ROUT, MR.GANGADHAR NAYAK, MR. GANESWAR MAHANTA, MR.DIPAK KUMAR MOHANTY, MR.RAMAKANTA MAHAKUL, MR.ANIL SINGH, MR.CHOUDHURY NIRANJAN PRADHAN AND MR.BIBHUTIBHUSAN NANDA click here.