Final Order in the matter of Siya-Ram Agro Industries Ltd

Last updated: 05 November 2020

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Quick Summary

The Securities and Exchange Board of India (SEBI) issued a final order concerning Siya-Ram Agro Industries Ltd (SRAIL) and its directors, Mr. Aslam Sayeed and Mr. Amritendu Bhattacharyya. This action followed numerous investor complaints alleging that SRAIL failed to repay investments and promised returns on Non-Convertible Redeemable Debentures (NCDs). Despite being called upon to provide investors with options for surrendering securities and receiving refunds with interest, SRAIL did not comply with SEBI's communications. The company also failed to provide requested information, leading to the issuance of a show cause notice.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) received complaints from various investors inter- alia alleging that they had invested in Non-Convertible Redeemable Debentures (‘NCD’s’) issued by Siya-Ram Agro Industries Ltd. (hereinafter referred to as “SRAIL/ the Company”) and were unable to recover their investments and promised returns. The complainants also alleged that the Company had closed their branches and they are not able to recover their investments from Noticee no. 1. In light of the aforesaid complaints, information was sought inter alia from Noticee no. 1 and its directors. However, no information was forthcoming.

Citation :
WTM/AB/EFD-1/DRA-IV/14/2020-21

Daily Limit Reached