Kolkata based I-Core E-Services had allegedly collected Rs45.74 crore from investors during 2009-2010
Market regulator Securities Exchange Board of India (SEBI) has ordered Kolkata based I-Core E-Services (ICES) and its promoters not to raise funds through issuance of securities besides restricting it from the capital markets.
The SEBI, in its interim order, said: "It is alleged that the company was engaged in fund mobilising activity through issue of equity shares to more than 49 persons without complying with the various provisions of the Companies Act, 1956 and SEBI DIP Guidelines, 2000."
The firm is already under the scanner from Serious Fraud Investigation Office (SFIO).
The company had allegedly collected funds to the tune of Rs45.74 crore during 2009-2010.
The interim order passed by SEBI also prevented the company from "issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities".
In July last year, the SEBI had barred ICES from mobilising money by issuing securities and had also restricted the firm and its directors from the capital market till further directions were issued.