PRESS RELEASE - SEBI

January 09, 2017
PR No. 003/2017


Order in the matter of Sunshine Agro-Infra Limited

Shri G. Mahalingam, Whole Time Member, SEBI, has passed an interim order dated December 23, 2016 against Sunshine Agro-Infra Limited(SAIL) and its Directors, viz. Sushil Kumar Periwal, Anurag Mittal, Lokesh Periwal, Premlata Mittal, Tara Chand Chordia and Nabendu Dey under Sections 11, 11(4) and 11B of the SEBI Act, inter - alia directing:

  1. SAIL shall cease to mobilize fresh funds from investors through the offer and allotment 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;
  2. SAIL and the aforesaid Directors are prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, or associating themselves with any listed company or company intending to raise money from the public;
  3. SAIL and the aforementioned Directors shall not dispose of, alienate or encumber any of its/their assets or not divert any funds raised from public through the offer and allotment of preference shares; and
  4. SAIL and the aforementioned Directors shall co-operate with SEBI and shall furnish all information/documents in connection with the offer and allotment of preference shares including the documents sought vide letter dated January 5, 2016.

Further, SAIL and its abovementioned Directors are also called upon to show cause as to why suitable directions/prohibitions under Sections 11, 11(4), and 11B of the SEBI Act should not be issued/imposed, including the following directions, namely:-

  1. SAIL and its above named directors, to jointly and severally refund money collected through the offer and allotment of preference shares, with an interest of 15% per annum (the interest being calculated from the date when the repayments became due in terms of Section 73(2) of the Companies Act, 1956 till the date of actual payment) within a period of 180 days from the date of receipt of this order, supported by a certificate of two independent Chartered Accountants to the satisfaction of SEBI; and
  2. SAIL and its above named directors be refrained / prohibited from accessing the securities market by issue of prospectus / offer document / advertisement and buying, selling or otherwise dealing in securities in any manner whatsoever, directly or indirectly, for a period of four years from the date of effecting the refund as directed above.

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 09, 2017

 

For full copy of order against ANURAG MITTAL, click here.

For full copy of order against LOKESH PERIWAL, click here.

For full copy of order against NABENDU DEY, click here.

For full copy of order against PREMLATA MITTAL, click here.

For full copy of order against SUNSHINE AGRO-INFRA LTD., click here.

For full copy of order against SUSHIL KUMAR PERIWAL, click here.

For full copy of order against TARA CHAND CHORDIA, click here.