PR No.

192/2015

Order in the matter of M/s Pinnacle Ventures India Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on July 24, 2015, wherein M/s.
Pinnacle Ventures India Limited. and its directors (Shri Rohit Agrawal, Shri Ram Kumar, Shri Ashoke Ghosh,
Shri Kousik Sarker, Shri Anjan Chatterjee, Shri Tapas Sarkar, Shri Sulalit Biswas and Shri Tridib Narayan
Basu) inter-alia have been directed to refund the money collected by the company through issuance of
Preference Shares, 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. The company has 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.
Shri Rohit Agrawal, Shri Ram Kumar, Shri Ashoke Ghosh, Shri Kousik Sarker, Shri Anjan Chatterjee, Shri
Tapas Sarkar, Shri Sulalit Biswas and Shri Tridib Narayan Basu shall be restrained from accessing the
securities market and would be further prohibited from buying, selling or otherwise dealing in securities,
directly or indirectly in whatsoever manner, with immediate effect. They 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 company was engaged in fund mobilizing activity through issuance of Preference Shares, to more than
49 persons, without complying with the relevant provisions of the Companies Act, 1956.
It is also to be noted that the Company law court has ordered for the winding up of the Company and also
that an Official Liquidator has been appointed. However, a separate order is required to be passed wherein
both the company and the directors are made liable for repayment under section 73(2) of the Companies
Act, 1956. In so far as the liability of the Company is concerned, this order needs to be harmoniously read
with the orders in C.P. No.144 of 2014 passed by Honble High Court at Calcutta in the instant matter.
SEBI had passed an interim order on August 22, 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 July 24, 2015 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
July 27, 2015
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