Order in the matter of M/s SLB Invest (India) Limited

Press Release
Securities and Exchange Board of India
Apr 28, 2016
PR No.: 83/2016

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on April 22, 2016, wherein M/s SLB Invest (India) Limited its promoters/ directors, inter-alia have been directed to refund the money collected by the company through issuance of Redeemable Preference Shares (RPS) including the money collected from investors, till date, pending allotment of RPS, if any, with interest at the rate of 15% per annum compounded at half yearly intervals. 

The company and its promoters/ directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, with immediate effect. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and associating themselves with any listed public company and any public company which intends to raise money from the public. The above directions shall come into force with immediate effect and shall continue to be in force from the date of this Order till the expiry of 4 years from the date of completion of refunds to investors.

The company and its present management shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within fifteen days of this Order coming into effect.

The company was engaged in fund mobilizing activity through issuance of Redeemable   Preference shares to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with Companies Act, 2013, provisions of the SEBI (DIP) Guidelines 2000 read with the SEBI (ICDR) Regulations, 2009.

SEBI had passed an interim order on December 03, 2014 in the matter, whereby inter-alia, it directed the company and its promoters/ directors not to collect any more money from investors through issuance of securities in any manner whatsoever.

The present order dated April 22, 2016 brings to conclusion the above said proceedings with the aforesaid directions. 

The full text of the order is available on the website: www.sebi.gov.in