PRESS RELEASE - SEBI

January 22, 2016
PR No. 015/2016

Order in the Matter of M/s. Express Cultivation Limited

Shri S. Raman, Whole Time Member, SEBI has passed an order dated January 08, 2016 against the company M/s. Express Cultivation Limited and its Promoters/Directors, viz. Smt Sushree Mazumder, Shri Tanmoy Mridha, Shri Sagar Majumder, Shri Manoj Kumar Dhali, Shri Ashish Dhali, Shri Sankar Baidya, Shri Santosh Sardar, Smt. Subhasree Majumdar and Shri Sunil Baran Majumdar. The Order directs as under:

  1. ECL 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;
  2. ECL, its Promoters and present Directors, viz. Smt Sushree Mazumder, Shri Tanmoy Mridha, Shri Sagar Majumder, Shri Manoj Kumar Dhali and also its Promoters, viz. Shri Santosh Sardar, Smt Subhasree Majumdar and Shri Sunil Baran Majumdar, 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;
  3. The past Directors of ECL, viz. Shri Ashish Dhali and Shri Sankar Baidya, 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;
  4. ECL and its abovementioned past and present Directors and Promoters, 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;
  5. ECL shall provide a full inventory of all its assets and properties;
  6. ECL's above mentioned past and present Directors and Promoters, shall provide a full inventory of all their assets and properties;
  7. ECL and its abovementioned present Directors and Promoters, 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;
  8. ECL and its abovementioned present Directors and Promoters, 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 ECL;

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
 
January 22, 2016

 

For full copy of order against ASHISH DHALI, click here.

For full copy of order against EXPRESS CULTIVATION LTD., click here.

For full copy of order against MANOJ KUMAR DHALI, click here.

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

For full copy of order against SANKAR BAIDYA, click here.

For full copy of order against SANTOSH SARDAR, click here.

For full copy of order against SUBHASREE MAJUMDAR, click here.

For full copy of order against SUNIL BARAN MAJUMDAR, click here.

For full copy of order against SUSHREE MAZUMDER, click here.

For full copy of order against TANMOY MRIDHA, click here.