Regulations
SEBI asks 12 entities, including Marurai Rural Development, to refund over Rs5.3 crore
Clamping down on illegal money raising activities, SEBI barred 12 entities, including 10 individuals, from the markets for at least three years while ordering them to refund more than Rs5.32 crore
 
Market regulator Securities and Exchange Board of India (SEBI) while barring 12 entities, including Madurai Rural Development Benefit Fund (India) (MRDF) and Madurai Rural Development Transformation India (MRDT), for three years has asked them to refund Rs5.32 crore to investors.
 
The individuals who have been restrained from accessing the securities market are Mohammed Yusuff Suresh Batcha, Gopalarathinam Ramarathinam, Srinivasan Srikumar, Vasudevan Balaji, Kasiviswanathan Venkataraman, Nagasubramanian Rajalakshmi, Sudhakaran Lataji, Mumtaj Begam Baba, Sithikbasha Mohamed Yusuf and Lilun Nihar Yousuff.
 
In a 19-page order, SEBI directed these entities to "jointly and severally refund Rs5,32,34,400 collected pursuant to the allotment of shares (i.e. Rs4,99,22,400 collected by MRDT and Rs33,12,000 collected by MRDF)".
 
The amount has to be refunded along with 15% annual interest rate from the date of receipt of money till the date of such refund in the manner.
 
Citing its interim order in the matter, SEBI said, "MRDT and MRDF have been found rampantly soliciting deposits from the public and are issuing equities to such persons in order to make them 'members' before 'deposit holders' and soliciting 'fixed deposits/recurring deposits' from such members".
 
The 10 individuals have also been restrained from associating themselves, with any listed public company and any public company, which intends to raise money from the public, for three years or until the date of refund of money to the allottees whichever is later.
 
In a separate proceeding, Economic Offences Wing of Tamil Nadu Police (EOW) -- based on the complaints received from various depositors -- has taken steps to freeze the accounts and land holdings of MRDT group of companies and its directors.

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Arunachal ex-CM Thungon convicted for graft
A special court here has convicted former Arunachal Pradesh chief minister P.K. Thungon in a 1998 corruption case.
 
Special CBI Judge Ajay Kumar Jain on Monday convicted Thungon and three others in the corruption case. The order became public on Tuesday.
 
The court will hear arguments on the quantum of sentence on July 27.

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Delhi government scraps BRT corridor system
The AAP-run Delhi government on Tuesday decided to scrap Bus Rapid Transit (BRT) corridor system introduced by Shiela Dikshit-led Congress government in the city.
 
"The decision to scrap BRT was taken in a meeting chaired by Delhi Chief Minister Arvind Kejriwal," said Delhi Law Minister Kapil Mishra of the Aam Aadmi Party.
 
Dikshit-led Congress government had opened the BRT corridor in Delhi on April 20, 2008. This move was welcomed by environmentalists and several transport experts as a solution to Delhi's traffic woes that would promote public transport.

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COMMENTS

Prema Vijayakumar

5 months ago

We still.await our investment money to be returned with 15% interest as per sebi and RBI ordered.but still.no.action from.EOW whether they r able to take action.on the Company Directors and the latest status of Courts order ? It is pending from.Nov 2014onwads?EOW should have made the directors to.refund the principal amount without closing the company without collecting further investments?What is the use of though EOW interfered in closing the investments and the company,unable to arrest or do the needful.to make the company to refund by somehow to the investors. Already wait for the complaint registered in RBI petition VM TANTST complaint no TAM16090001 Dr.6. 9.2016 forwarded to SEBI.

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