CBI arrested three Kolkata-based directors of MPA Agro Animal Projects — Manoj Kumar Sahu, Pintu Saha and Adhis Haldar — on Thursday for their alleged involvement in Ponzi activities.
The accused are allegedly close to a sitting minister in Bengal, who is already under CBI scanner, and a couple of Left leaders in Tripura. In fact, the arrests have been carried out on the basis of an FIR registered with the Tripura police in 2012. Sebi had included this company's name in the list of 193 firms violating its orders. The accused were produced in a Bidhannagar court and later taken into police custody.
Sebi has taken action against 193 such entities for issuance of securities in the form of non-convertible and convertible preference shares and convertible debentures/equity shares to public without complying with the prescribed provisions of law. CBI has taken over five cases recently in Tripura. These cases have links with Bengal.
Sebi had earlier barred the company's directors from the capital markets. According to Sebi, the firm issued equity shares to 152 persons and mobilized funds to the tune of Rs 22.50 lakh. Such activities were prima facie in violation of various norms, the market regulator said in an order.
It noted that as the issue by company was made to 50 or more persons, it was under a legal obligation to get listed on a stock exchange. Among others, it was also mandatory for the firm to bring out a prospectus with respect to the public issue.
"I note that the company had commenced allotment of equity shares allegedly to the public since March 2010. It can reasonably be inferred that the directors of the company were involved in the mobilisation of public funds through the issue of equity shares without complying with the applicable law," Sebi whole-time member Prashant Saran had stated in an order. The CBI probe has used this Sebi order extensively.
Accordingly, Sebi said that MPA Agro Animals Projects and its promoters and directors are "restrained from mobilising funds through the issue of equity shares or through any other form of securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions."
The Sebi order also asked them not to divert or dispose any funds raised from public at large including assets brought from such money. The company will also have to provide a full inventory of all its assets and properties as well as furnish complete and relevant information sought by Sebi in the matter. Among the barred promoters and directors are the three arrested by CBI today.
The accused are allegedly close to a sitting minister in Bengal, who is already under CBI scanner, and a couple of Left leaders in Tripura. In fact, the arrests have been carried out on the basis of an FIR registered with the Tripura police in 2012. Sebi had included this company's name in the list of 193 firms violating its orders. The accused were produced in a Bidhannagar court and later taken into police custody.
Sebi has taken action against 193 such entities for issuance of securities in the form of non-convertible and convertible preference shares and convertible debentures/equity shares to public without complying with the prescribed provisions of law. CBI has taken over five cases recently in Tripura. These cases have links with Bengal.
Sebi had earlier barred the company's directors from the capital markets. According to Sebi, the firm issued equity shares to 152 persons and mobilized funds to the tune of Rs 22.50 lakh. Such activities were prima facie in violation of various norms, the market regulator said in an order.
It noted that as the issue by company was made to 50 or more persons, it was under a legal obligation to get listed on a stock exchange. Among others, it was also mandatory for the firm to bring out a prospectus with respect to the public issue.
"I note that the company had commenced allotment of equity shares allegedly to the public since March 2010. It can reasonably be inferred that the directors of the company were involved in the mobilisation of public funds through the issue of equity shares without complying with the applicable law," Sebi whole-time member Prashant Saran had stated in an order. The CBI probe has used this Sebi order extensively.
Accordingly, Sebi said that MPA Agro Animals Projects and its promoters and directors are "restrained from mobilising funds through the issue of equity shares or through any other form of securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions."
The Sebi order also asked them not to divert or dispose any funds raised from public at large including assets brought from such money. The company will also have to provide a full inventory of all its assets and properties as well as furnish complete and relevant information sought by Sebi in the matter. Among the barred promoters and directors are the three arrested by CBI today.
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