Regulations
SEBI asks Siyaram Development, Swasata Steel and their directors not to collect funds
SEBI found that Swasata Steel allotted NCDs to 795 people and mobilised over Rs12 crore, while Siyaram raked in at least Rs6 lakh from by issuing secured redeemable debentures to at least 63 allottees
 
Market regulator Securities and Exchange Board of India (SEBI) asked Siyaram Development and Construction, Swasata Steel Industries and their directors not to collect funds from investors through issuance of securities.
 
SEBI found that Swasata Steel allotted non-convertible debentures (NCDs) to 795 people and mobilised over Rs12 crore, while Siyaram raked in at least Rs6 lakh from by issuing secured redeemable debentures (SRDs) to at least 63 allottees.
 
The company, through such activities, violated various norms, it said.
 
SEBI observed that allotment of debentures by the companies were a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which they failed to do.
 
Accordingly, SEBI through two separate interim orders have restrained the companies and their respective directors from mobilising any fresh "funds from investors through the offer of NCDs/ SRDs or through the issuance of equity shares or any other securities to the public, and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions".
 
Further, the companies and their directors have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.
 
They have been restrained from accessing the securities markets, SEBI said.
 
The market regulator also asked the entities not to dispose any of the properties or assets without prior permission from the regulator as well as not to divert the funds raised from the public.

User

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.

User

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.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)