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SEBI forbids Live India promoter Prosperity Agro from raising fresh funds

17-April-2015
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SEBI forbids Live India promoter Prosperity Agro from raising fresh funds

Market regulator SEBI (Securities and Exchange Board of India) bans Prosperity Agro India Ltd and its directors from raising funds on any new schemes.

The order says, “Under Sections 11(1), 11B and 11(4) of the SEBI Act, 1992 read with Regulation 65 of CIS Regulations and PFUTP Regulations, hereby direct PAIL and its Directors viz., Santosh Shrawan

Mali(AWMPM2320F),. Santosh Kaluram Paygude (ANQPP5668L),  Vanshree Tukaram Chidrawar (AMHPC6141M), Hrishikesh Vasant Kanase (BBXPK1567K),  Dattatray Madhav Yadav (ACPPY3360C) :

• Not to collect any fresh money from investors under its existing schemes;

• Not to launch any new schemes or plans or float any new companies to raise fresh moneys;

• To immediately submit the full inventory of the assets obtained through money raised by PAIL;

• Not to dispose of any of the properties or alienate the assets obtained directly or indirectly through the money raised by PAIL;

• Not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of
PAIL;

• Furnish full details of Advertisement & sales promotions expenses (item para 12(a);

• Furnish complete details of accounts transferred from Samruddha Jeevan Foods India Limited to

PAIL and complete details of accounts transferred from PAIL to Samruddha Jeevan Multi- State and Multi Purpose Co-operative Society Limited (para 15 (b) of this order).”

The order also says, “The above directions shall take effect immediately and shall be in force until further orders.”

The order concludes by saying, “This order shall be treated as a show cause notice and PAIL and its directors may show cause as to why the plans/ schemes identified in this order should not be held as a ‘collective investment scheme’ in terms of the Section 11AA of the SEBI Act and the CIS Regulations and why appropriate directions under the SEBI Act and CIS Regulations, including directions in terms of Regulations 65 and 73 of the CIS Regulations should not be taken against them.”

In 2008, HDIL Infra Projects made an offer to buy Live India from Broadcast Initiatives to eventually own the channel. The channel has been sold to Mahesh Motewar, who owns Prosperity Agro and runs the company as its Chairman and Managing Director.

Prosperity Agro India was registered in its current name on Feb 5, 2010 under Companies Act, 1956 with the Registrar of Companies, Pune. The company at present is engaged in the business of rearing and breeding of livestock. Its projects are on-ground in various markets including Valsad in Gujrat and Vijapur in Karnataka, amongst others. The company also has plans to expand its business activities into producing food grains, cereals, seeds oil, seeds, plants, flowers, vegetables, fruits, spices, herbs, edible oil and food products.

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