PRESS RELEASE - SEBI

January 03, 2017
PR No. 001/2017


Order in the Matter of Falcon Infra Projects Limited

Shri S Raman, Whole Time Member, SEBI, has passed an interim order dated December 22, 2016 against Falcon Infra Projects Limited and its Directors, viz. Abdul Alim, Tanjuara Begum, Sonia Parvin Alim and Babar Ali under Sections 11, 11(4), 11A and 11B of the SEBI Act, inter - alia directing:

  1. FIPL shall forthwith cease to mobilize fresh funds from investors through the Offer of Preference 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. FIPL and its present/past Directors, viz. Shri Abdul Alim, Smt Tanjuara Begum, Smt Sonia Parvin Alim and Shri Babar Ali 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. FIPL and its abovementioned past and present Directors, 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. FIPL shall provide a full inventory of all its assets and properties;
  5. FIPL’s abovementioned past and present Directors shall provide a full inventory of all their assets and properties;
  6. FIPL 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. FIPL and its abovementioned present Directors shall not divert any funds raised from public at large through the Offer of Preference Shares, which are kept in bank account(s) and/or in the custody of FIPL;
  8. FIPL and its abovementioned past and present Directors shall co-operate with SEBI and shall furnish all information/documents sought vide letter dated August 10, 2015.

It is observed that the company was engaged in fund mobilizing activity through issue of Preference Shares to more than 49 persons without complying with the provisions of the Companies Act, 1956.

Mumbai
January 03, 2017

 

For full copy of order against ABDUL ALIM, click here.

For full copy of order against BABAR ALI, click here.

For full copy of order against FALCON INFRA PROJECTS LTD., click here.

For full copy of order against SONIA PARVIN ALIM, click here.

For full copy of order against TANJUARA BEGUM, click here.