March
09, 2016
PR No. 048/2016
Order in the matter of M/s I-Nova Solutions Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed an order on March 02, 2016, wherein M/s I-Nova
Solutions 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, its promoters 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 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 read with the
Companies Act, 2013 and the provisions of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (“DIP
Guidelines”) read with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“ICDR
Regulations”).
The company shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one
local daily 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 31, 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 March 02, 2016 brings to conclusion the above said proceedings with the aforesaid
directions.
Mumbai
March 09, 2016
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