PRESS RELEASE - SEBI

June 08, 2016
PR No. 111/2016


Order in the matter of Neesa Technologies Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated June 02, 2016 under sections 11, 11(4), 11A and 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Neesa Technologies Limited (the company) having its registered office at 9th Floor, Cambay Grand, Behind PERD Centre, Near Sola Over Bridge, Thaltej, Ahmedabadľ380054 (Gujarat).
 
The company and its directors i.e. Shri Arvind Gupta, Shri Yogesh Ghisumal Gemawat, Shri Girishchandra Mukundram Baluni, Shri Nimain Charan Biswal, Shri Sanjay Gupta, Shri Kamlendra Joshi, and Shri Manoj Singhal have been directed to refund the money collected by the company through the issuance of nonconvertible debentures to the investors including the money collected from investors, till date, pending allotment of securities, if any, with an interest of 15% per annum compounded at half yearly intervals.
 
The company i.e. Neesa Technologies Limited is directed not to, directly or indirectly, access the capital market by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from the date of this Order till the expiry of four (4) years from the date of completion of refunds to investors.
 
Further, the directors of company i.e. Shri Arvind Gupta, Shri Yogesh Ghisumal Gemawat, Shri Girishchandra Mukundram Baluni, Shri Nimain Charan Biswal, Shri Sanjay Gupta, Shri Kamlendra Joshi, and Shri Manoj Singhal are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, with immediate effect. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and 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 four (4) years from the date of completion of refunds to investors.
 
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 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. The company was engaged in fund mobilizing activity through issuance of Non-Convertible 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.
 
SEBI had passed an interim order on June 03, 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 June 02, 2016 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
June 08, 2016


 

For full copy of order against NEESA TECHNOLOGIES LTD.,MR.ARVIND GUPTA, MR.YOGESH GHISUMAL GEMAWAT, MR.GIRISHCHANDRA MUKUNDRAM BALUNI, MR.NIMAIN CHARAN BISWAL, MR.SANJAY GUPTA, MR.KAMLENDRA JOSHI, MR.MANOJ SINGHAL and MR.SURESH KUMAR click here.