March 15, 2016
PR No. 058/2016

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

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on March 03, 2016, wherein M/s. Silicon Projects India Limited, its promoters/ directors, inter-alia have been directed to refund the money collected by the company through issuance of Non-Convertible Redeemable 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 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 Debenture Trustee viz. Mr. Afzal Hussain is prohibited 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 Non-Convertible Redeemable Debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with Companies Act, 2013 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 06, 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 March 03, 2016 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
March 15, 2016

For full copy of order against SILICON PROJECTS INDIA LTD., MR.JUGAL KISHOR GUPTA, MR.BIJAY PRATAP MISHRA, MR.SWARUP KUMAR DUTTA, MR.BISWAJIT BERA, MR.TUSHAR JANA, MR.ASESH MITRA, MR.DEBASHIS DEY, MR.TAPAN SAHOO and MR.AFZAL HUSSAIN click here.