SEBI asks Amazan Agro, directors not to garner money from investors
Moneylife Digital Team 04 February 2015

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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