March
31, 2016
PR No. 072/2016
Order in the matter of M/s Progress Cultivation Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed an order on March 22, 2016, wherein M/s
Progress Cultivation 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.
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 August 14, 2014 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 22, 2016 brings to conclusion the above said proceedings with the aforesaid
directions.
Mumbai
March 31, 2016
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