January 05, 2016
PR No. 002/2016

Order in the matter of M/s Prayas Projects India Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on December 29, 2015, wherein M/s. Prayas Projects India Limited, its directors, inter-alia have been directed to refund the money collected by the company through issuance of Secured Redeemable Non- Convertible Debentures 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. They 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 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 Debenture Trustee, viz. Prayas Debenture Trust (represented by its Trustee, Mr. Ashraful Hoque) is hereby restrained from acting as an intermediary, accessing the securities market and further restrained from buying, selling or dealing in securities, in any manner whatsoever, for a period of 4 years.
 
The company was engaged in fund mobilizing activity through issuance of Secured Non- Redeemable Convertible 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.
 
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 January 30, 2015 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 December 29, 2015 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
 
January 05, 2016

For full copy of order against PRAYAS PROJECTS INDIA LTD., MR.KAIZAR BISWAS, MR.MOHAMMAD JIYAUR RAHAMAN, MR.ABU SAMA MOLLA, MR.ASHRAFUL HOQUE AND MR.AJIJUR RAHAMAN click here.