Regulations
SEBI bars Infinity Realcon from raising funds via securities
According to SEBI probe Infinity Realcon issued redeemable preference shares to 24,718 investors and mobilised about Rs19.32 crore between 2009 to 2013
 
Market regulator Securities and Exchange Board of India (SEBI) has barred Infinity Realcon Ltd from raising funds from investors through issue of securities. SEBI also barred the company and its directors from dealing in markets till further directions. 
 
SEBI said it found that Infinity Realcon had garnered crore of rupees from nearly 25,000 investors via issuance of non-convertible debentures (NCDs) and redeemable preference shares (RPS) through such activities had prima facie violated various norms.
 
According to SEBI, the company issued RPS to 24,718 investors and mobilised about Rs19.32 crore during 2009-10 to 2012-13. Besides, amount raised through issue of debentures was Rs1 crore.
 
SEBI observed that Infinity Realcon issued NCDs and RPS to over 50 persons, which under the rules made it a public issue of debt securities and hence would require a compulsory listing on a recognised stock exchange.
 
The company was also required to file a prospectus, among others, which it failed to do.
 
"Infinity Realcon has prima facie engaged in fund mobilising activity from the public, through the Offer of RPS and NCDs", and as a result of such activity has violated the provisions of Companies Act, SEBI Whole Time Member S Raman said in an interim order.
 
Accordingly, SEBI has asked Infinity Realcon not to "mobilise any fresh funds from investors through RPS and NCDs 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."
 
Besides, the company and its directors are prohibited from issuing any offer document for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders.
 
The company and its directors are "restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions", the order said.
 
SEBI has also asked the entities not to dispose any of the properties or assets acquired by that company through the issue of redeemable preference shares, without prior permission from the regulator as well as not to divert the funds raised from public.
 
Further, Infinity Realcon Debenture Trust has been prohibited from continuing with his present assignment as a debenture trustee in respect of Infinity Realcon's issue and also from taking up any new assignment in a similar capacity.
 
These "directions shall take effect immediately and shall be in force until further orders."
 

User

COMMENTS

subhankar Das

5 months ago

As I was the investor in this company I want to ask what about the return of the deposits. I was supposed to get the money by 2014 but now its 2016. Is there any process or submission that we have to do. let me know provision because its too late to get a reply from any one. i have registered the complain in number of websites connected to this issue.

Rupali Panchadhaye

6 months ago

As I was the investor in this company I want to ask what about the return of the deposits. I was supposed to get the money by 2014 but now its 2016. Is there any process or submission that we have to do. let me know provision because its too late to get a reply from any one. i have registered the complain in number of websites connected to this issue.

SEBI asks Golden Life Agro India to refund money collected from investors

Golden Life Agro and its promoter-directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market for four years

 

Market regulator Securities and Exchange Board of India (SEBI) has asked Golden Life Agro India Ltd and its directors and promoters to refund money collected from investors with 15% interest per annum. SEBI also barred the company and its promoter-directors from markets for four years. 
 
The Debenture Trustees,  Jyotsna Sadhukhan and  Jharna Sarkar shall not offer themselves to be engaged as debenture trustees or in any capacity as an intermediary in the securities market. Further, these individuals are restrained from accessing the securities market and are further restrained from buying, selling or dealing in securities, in any manner whatsoever, for a period of four years, SEBI said. 
 
The company was engaged in fund mobilising activity through issuance of Non-Convertible Redeemable Secured Debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act and provisions of SEBI Regulations.
 

User

Mirach Capital is Sahara's white knight, to pump in $2 billion
According to reports, Mirach Capital, funded largely by a wealthy Indian family, has decided to lend about $2 billion to Sahara group
 
Miami-based Mirach Capital, an investors group funded largely by a wealthy Indian family has decided to lend about $2 billion to Sahara group, say reports. 
 
"Mirach Cap has decided to take over Sahara's $882 million loan from Bank of China and extend $650 million to the Subrata Roy-led group," say a report from Moneycontrol.
 
Saransh Sharma, chief executive of Mirach Capital also told CNBC-TV18 that "the debt fund’s exposure is not so much to Sahara as to three hotels, which are the 'Monalisas' of the industry." He said Sahara’s assets have been neglected due to stress and litigation, adding he sees great opportunity and expects a turnaround in the company.
 
Out of the total $2 billion funding, the rest would go to the bail of Sahara group chief, who is in jail since March 2014.
 
Mirach Cap has already made it clear that their end goal is to own The Plaza, as well as two other hotels that Sahara currently owns. It includes Grosvenor House in London and one premium property in New York that would be taken over by Mirach Cap in the case of default. 
 
Earlier in December, Sahara sold a big land parcel at the outskirts of the national capital for Rs1,211 crore to Gurgaon-based developer M3M India Ltd.
 
Sahara was allowed by the Supreme Court, to sell four properties in order to raise about Rs2,710 crore out of the total of Rs10,000 crore needed to  secure the release of its chief, Subrata Roy.
 
Roy, who was sent to jail on 4 March 2014 in a case involving alleged non-refund of over Rs20,000 crore with interest to depositors, was asked by the court to pay Rs10,000 crore to get bail, out of which Rs5,000 crore should be paid in cash and rest of the amount in bank guarantee.

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)