Shri S.Raman, Whole Time Member, SEBI, has passed an order on July 22, 2014 in the matter of M/s. Sai Prasad Corporation Ltd. inter-alia directing the company and its directors, Shri Balasaheb K. Bhapkar, Mrs. Vandana B. Bhapkar and Shri Shahsank B Bhapkar  shall:

a)  not to collect any fresh money from investors under its existing schemes,

b)  not to launch any new schemes or plans or floating any new companies to raise fresh money,

c)  not to dispose of any properties or alienate the assets of the existing schemes,

d)  not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of the company.

e)  to furnish all the information / details sought by SEBI within 15 days from the date of receipt of the cited order.

The company had launched collective investment schemes without obtaining certificate of registration from SEBI.

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