July 14 2016
PR No. 121/2016

Order against the past directors of M/s MARS Agrofarm Developers Limited

Securities and Exchange Board of India (SEBI) vide an Order no. WTM/PS/167/ERO/FEB/2016 dated February 26, 2016 (“Final Order”), passed certain directions against MARS Agrofarm Developers Limited (“MADL”) and its Directors, viz. Shri Sekh Sahadat Ali, Shri Abu Taleb Mohammod and Shri Tushar Kanti Samanta, for violating the provisions of Section 56, Section 60 read with Section 2(36), Section 73 of the Companies Act, 1956 read with Section 27(2) of the SEBI Act, 1992 (“SEBI Act”), by engaging in fund mobilising activity from the public, through issue of Redeemable Preference Shares(RPS)
 
It has come to SEBI’s notice that Shri Ajigul Haque, Shri Seikh Sarafat Ali, Shri Arup Bhattacharyya and Shri Sheik Saukat Ali were earlier Directors of MADL during the Offer of RPS.
 
Shri S Raman, Whole Time Member, SEBI, has passed an interim order cum show cause notice dated July 07, 2016 against the above mentioned past directors of MARS Agrofarm Developers Limited inter-alia directing that the above mentioned past directors of MADL 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;
 
The abovementioned past Directors of MADL are also 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;

Mumbai
July 14, 2016

For full copy of order against AJIGUL HAQUE, click here.

For full copy of order against ARUP BHATTACHARYYA, click here.

For full copy of order against SEIKH SARAFAT ALI, click here.

For full copy of order against SHEIK SAUKAT ALI, click here.