Regulations
SEBI asks Amazan Agro, directors not to garner money from investors

SEBI also restrained Amazan Agro Products and its directors from accessing the securities market and disposing off their assets

 

Market regulator Securities and Exchange Board of India (SEBI) has directed Amazan Agro Products Limited (AAPL) not to mobilise funds from investors. SEBI also barred the company and its directors from markets for illegally raising money through issue of secured redeemable non-convertible debentures (NCDs) and redeemable preference shares (RPS).
 
Kolkata-based Amazan Agro Products had raised more than Rs29 lakh from about 1169 allottees through issue of secured non-convertible redeemable preference shares during 2009-10.
 
In its order, SEBI restrained the company as well as its past and present directors from accessing the securities market. This includes Joydeb Garai, Sunil Kumar Brahmachari, Manigrib Bag, Dilip Kumar Gangopadhyay, Debabrata Ghosh, Pahari Basu, Basudeb Garai, Dinabandhu Das, Gargi Biswas and Samir Das.
 
These entities have also been prohibited from issuing prospectus or any offer document or come out with advertisement for soliciting money from the public for the issue of securities, in any manner till further directions.
 
SEBI said that steps have to be taken in the instant matter to ensure only legitimate fund raising activities are carried on by AAPL and no investors are defrauded.
 
The market regulator also asked Amazan Agro and its past and present directors to provide a full inventory of the company's assets and properties. In addition, SEBI directed these entities not to dispose or divert of any assets.
 

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SEBI income surplus revised to Rs156.27 crore from Rs193.37 crore

SEBI's revised income estimates of Rs156.27 crore are lower than Rs193.37 crore original budget estimates for FY2014-15 due to lower income from offer documents, fee from mutual funds and AIFs

 

Market regulator Securities and Exchange Board of India (SEBI) is expecting an income surplus of more than Rs156 crore after taking into account operational as well as capital expenses for the current financial year.
 
The revised estimates of Rs156.27 crore are lower than Rs193.37 crore original budget estimates for the current fiscal.
 
The main reasons for downward revision are fall in income from offer documents, fee from mutual funds as well from alternative investment fund and investment advisors, among others.
 
As per SEBI's document on mid-term review of budget estimates, revised total income from fees from stock market intermediaries stands at Rs330.31 crore, for the current financial year, down from Rs378.38 crore original estimates.
 
The capital market regulator's income from investment is expected at Rs162.67 crore, an increase from the original estimates of Rs157.88 crore.
 
An amount of Rs12.24 crore was received towards fee from filing of offer documents during April-December 2014 as against estimated income of Rs24.72 crore for the whole of 2014-15.
 
During the first nine months of 2014-15, only 23 offer documents were filed with SEBI as against expected 52 such filings for the whole of financial year.
 
It is now expected that 25-30 offer documents would be filed in the current fiscal.
 
Moreover, fee amount received from mutual funds stood at Rs15.33 crore during April-December 2014 as against estimated income of Rs33.68 crore for the current fiscal.
 
As per the mid-term review, revised capital expenditure stands at Rs69.66 crore, down from budget estimates of Rs80.40 crore.
 
Total revised revenue expenditure is at Rs281.23 crore for the fiscal against budget estimates of Rs280.69 crore.
 

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SEBI bars Prayas Projects, directors from securities market

SEBI also restrained Prayas Projects India as well as its past and present directors from accessing the securities market

 

Market regulator Securities and Exchange Board of India SEBI has banned Prayas Projects India Ltd (PPIL) and its directors from markets for illegally raising money through issue of secured redeemable non-convertible debentures (NCDs).
 
Tripura-based PPIL had raised more than Rs86 lakh from about 154 allottees through issue of secured non-convertible redeemable debentures during 2011-12 and 2012-13 periods.
 
In its order, SEBI restrained the company as well as its past and present directors have been restrained from accessing the securities market.
 
The individuals who have been barred are Kaizar Biswas, Mohammad Jiyaur Rahaman, Abu Sama Molla, Ashraful Hoque and Ajijur Rahaman.
 
These entities have also been prohibited from issuing prospectus or any offer document or come out with advertisement for soliciting money from the public for the issue of securities, in any manner till further directions.
 
SEBI said that steps have to be taken in the instant matter to ensure only legitimate fund raising activities are carried on by PPIL and no investors are defrauded.
 
"In light of the same, I find there is no other alternative but to take recourse through an interim action against PPIL, its directors alongwith its debenture trustee, Prayas Debenture Trust... for preventing that company from further carrying on with its fund mobilising activity under offer of NCDs," SEBI's Whole Time Member S Raman said in the order.
 

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