PR No.

40/2016

Order in the matter of M/s Vikdas Industries Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on February 24, 2016, wherein M/s. Vikdas
Industries Limited, its promoters/ directors, inter-alia have been directed to refund the money collected by the
company through issuance of Secured Non-Convertible Redeemable Debentures with interest at the rate of 15%
per annum compounded at half yearly intervals and also not to access the capital market in any manner. They have
also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date
of this order till the expiry of four years from the date of completion of refunds to investors.
The promoters/ directors are also restrained from associating themselves with any listed public company and any
public company which intends to raise money from the public, or any intermediary registered with SEBI. 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 as directed above.
The Debenture Trustee Vikdas Industries Debenture Trust (represented by its Trustee, viz. Mr. Ranadeb De) is
hereby restrained from acting as an intermediary, accessing the securities market and further restrained from
buying, selling or dealing in securities, in any manner whatsoever, for a period of 4 years.
The company was engaged in fund mobilizing activity through issuance of Secured Non-Convertible Redeemable
Debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956
read with Companies Act, 2013 and provisions of the SEBI (issue and Listing of Debt Securities) Regulations, 2008.
The company and its directors shall issue public notice, in all editions of two National Dailies (one English and one
Hindi) and in one local daily (in Bengali) 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.
SEBI had passed an interim order on January 29, 2015 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 February 24, 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.

Mumbai
February 29, 2016

page: 1

[ www.sebi.gov.in ]