Order against Ocean Agro Farms Ltd

 

 DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT, 1992 READ WITH REGULATIONS 65 & 73 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) – REGULATIONS, 1999 IN THE MATTER OF M/S OCEAN AGRO FARMS LTD (FORMERLY ENDOWMENT INVESTMENT) HAVING ITS OFFICE AT S.C.O 387, SECTOR 37-D, CHANDIGARH

In view of failure by M/s Ocean Agro Farms Ltd (hereinafter referred to as the company) to comply with the requirements of winding up their schemes, repaying the investors and filing winding up and repayment report as signed by all directors and audited by statutory auditors, directions under Section 11B of the SEBI Act, 1992 read with regulations 65 & 73 of SEBI (Collective Investment Schemes) Regulations, 1999 were issued to the company vide Order dated December 3, 2002. Vide the aforesaid Order (copy of which is enclosed at Annexure – I), the company was directed to refund money collected under the scheme(s) along with returns which were due to investors as per the terms of the offer within a period of one month from the date of the said Order. Copies of the aforesaid Order were sent by speed post to the company vide letters dated 16.12.2002. These letters were returned undelivered by the postal authorities. The Order was also published by way of a press release no. PR 268/2002 dated December 6, 2002.

As the company failed to comply with the directions of the aforesaid Order, it has violated provisions of regulation 73 of the SEBI (Collective Investment Schemes) Regulations, 1999.

Now, therefore, in exercise of the powers conferred under Section 11B of the SEBI Act, 1992 read with Regulation 65 of the SEBI (Collective Investment Schemes) Regulations, 1999, I hereby debar the company/its promoters/its directors / its managers/persons in charge of the business of its schemes, including names as contained in Annexure II from, in any capacity whatsoever, associating with capital market related activities, dealing in securities, accessing the capital market, associating with any of the intermediaries in the capital market and operating in the capital market for a period of 5 years from the date of this order.

In case however, any aggrieved person, whose name is mentioned in the enclosed Annexure, was not aware of the previous order and the warning issued vide said order and was not responsible for the conduct of the business of the company, may apply in writing, within 15 days, from the date of the order, with all the supporting documents, to SEBI.

This is without prejudice to SEBI’s right to take any other action as it may deem fit.

Place : Mumbai

Date : 28.01.03

M/s Ocean Agro Farms Limited

Registered office : S.C.O.387, Sector 37-D, Chandigarh.

Name and addresses of promoters

1. Shri B.A. Manhas Also Director

S/o Mohd. Aslam Khan

5063/2, Category III, Modern Complex

Manimajra, Chandigarh.

Shri B.A. Manhas

H.N.6083, Duplex

Manimajra.

2. Shri Romesh Kumar Sharma S/o Shri P.R. Sharma

69, Apna Vihar, Jammu.

3. Mrs. Saroj Bala W/o Mr. R.K. Sharma

69, Apna Vihar, Jammu.

4. Shri Zulfikar Ahmed Manhas S/o Mohd. Aslam Khan

R/o Samata (Poonch) J & K

5. Mohd. Ibrahim Shah S/o Mohd. Sayeed Shah

R/o Gagrian Shaplan (KMR)

6. Ch. Mohd. Bhat S/o Ali Mohd. Bhat

R/o 6150, Duplex Manimajra

Housing Complex

7. Mohd. Ayub Sheikh S/o K.M. Sheikh

R/o Dialgam Anantang
 
 

Name and addresses of directors
 
 

1. Shri B.A. Manhas


Mentioned above

2. Shri G.M. Bhat


H.No.6150, Duplex

Manimajra.

3. Shri N.A. Bhat

H.No.5078, Cat.III

Manimajra.