PRESS RELEASE - SEBI

October 04, 2016
PR No. 145/2016

Order in the Oscar Management Services Limited

Shri S. Raman, Whole Time Member, SEBI has passed an order dated September 30, 2016 under section 11, 11(4), 11A and 11B of the Securities and Exchange Board of India Act, 1992 against the company Oscar Management Services Limited. (OMSL) and its Directors/Promoters, viz. Shri Pravash Chandra Rout, Shri Muna Mahadev Patro, Shri Tara Prasad Hotta, Shri Kriti Ranjan Bastia, Shri Abani Kanta Pattnaik, Shri Sachitra Patro and Shri Guru Baliarsingh. The Order, inter alia, directs as under:

  1. OMSL shall forthwith cease to mobilize fresh funds from investors through the Offer of equity shares or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions;
  2. OMSL and its present/past Directors and Promoters, viz. Shri Pravash Chandra Rout , Shri Muna Mahadev Patro, Shri Tara Prasad Hotta, Shri Kriti Ranjan Bastia, Shri Abani Kanta Pattnaik, Shri Sachitra Patro and Shri Guru Baliarsingh, 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;
  3. OMSL and its abovementioned past and present Directors and Promoters, are 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;
  4. OMSL shall provide a full inventory of all its assets and properties;
  5. OMSLís abovementioned past and present Directors and Promoters shall provide a full inventory of all their assets and properties;
  6. OMSL and its abovementioned present Directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company, without prior permission from SEBI;
  7. OMSL and its abovementioned present Directors shall not divert any funds raised from public at large through the Offer of Equity Shares, which are kept in bank account(s) and/or in the custody of OMSL;
  8. OMSL and its abovementioned past and present Directors and Promoters shall co-operate with SEBI and shall furnish all information/documents sought vide letters dated October 22, 2015.

The company was engaged in fund mobilizing activity through issue of Equity Shares to more than 49 persons without complying with the provisions of the Companies Act, 1956.

Mumbai
October 04, 2016

 


For full copy of order against ABANI KANTA PATTNAIK, click here.

For full copy of order against GURU BALIARSINGH, click here.

For full copy of order against KRITI RANJAN BASTIA, click here.

For full copy of order against MUNNA MAHADEV PATRO, click here.

For full copy of order against OSCAR MANAGEMENT SERVICES LTD., click here.

For full copy of order against PRAVASH CHANDRA ROUT, click here.

For full copy of order against SACHITRA PATRO, click here.

For full copy of order against TARA PRASAD HOTTA, click here.