Regulations
SEBI directs Chakra Infrastructure to refund money
The company was mobilising funds through issue of non-convertible redeemable debentures without complying with Companies Act and provisions of the SEBI Regulations
 
Market regulator SEBI (Securities and Exchange Board of India), in an Order, directed Chakra Infrastructure to refund money collected through issue of non-convertible redeemable debentures from investors. The refund should also include money collected from investors, till date, pending allotment of securities with interest at the rate of 15% per annum compounded at half yearly intervals.  
 
According to the SEBI Order, Chakra Infrastructure and its promoters/ directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and 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. These restrictions 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.
 
The Debenture Trustee,  Chakra Debenture Trust, and its trustee Sunil Kumar Sahaare are also restrained from acting as an intermediary, accessing the securities market and further restrained from buying, selling or dealing in securities, for a period of 4 years, according to the SEBI Order.
 
The SEBI Order instructed the company and its directors shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily (in Bengali) with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within fifteen days of this Order coming into effect.
 
The company was engaged in fund mobilising activity through issue of non-convertible redeemable debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with Companies Act, 2013 and provisions of the SEBI (issue and Listing of Debt Securities) Regulations, 2008, points out the SEBI Order.
 
SEBI had earlier passed an interim order on 29 January 2015 in the matter, whereby, it directed the company and its promoters/ directors not to collect any more money from investors through issuance of securities.

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SEBI Order directs Real Agri Industriesto refund money
The company was mobilising funds through issue of redeemable preference shares without complying with Companies Act and provisions of the SEBI Regulations
 
Market regulator SEBI (Securities and Exchange Board of India) directed Real Agri Industries and Services to refund money collected through issue of redeemable preference shares. The refund should include the money collected from investors, till date, pending allotment of securities, with interest at the rate of 15% per annum compounded at half yearly intervals.
 
According to the SEBI Order, the company and its promoters/ directors are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and 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. These restrictions shall continue to be in force from the date of the Order till the expiry of 4 years from the date of completion of refunds to investors.
 
SEBI directed Real Agri Industries and Services and its directors to issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within fifteen days of this Order coming into effect.
 
The company was engaged in fund mobilising activity through issuance of redeemable   preference shares to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with Companies Act, 2013, according to the SEBI Order.
 
SEBI had earlier passed an interim order on 20 March 2015 in the matter, whereby it directed the company and its promoters/ directors not to collect any more money from investors through issue of securities.

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SEBI Order directs Dynamic Asset Management to refund money
The company was mobilising funds through issue of redeemable preference shares without complying with Companies Act and provisions of the SEBI Regulations
 
Market regulator SEBI (Securities and Exchange Board of India), in an Order, directed Dynamic Asset Management to refund money collected through issue of redeemable preference shares (RPS). SEBI also directed the company to refund the money collected from investors, till date, pending allotment of RPS, with interest at the rate of 15% per annum compounded at half yearly intervals. 
 
According to the SEBI Order, Dynamic Asset Management and its promoters/ directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and 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 restrictions shall continue to be in force from the date of the Order till the expiry of 4 years from the date of completion of refunds to investors.
 
The SEBI Order directed the company to issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within fifteen days of the Order coming into effect.
 
The company was engaged in fund mobilising activity through the issue of redeemable   preference shares to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with Companies Act, 2013, according to the SEBI Order.
 
SEBI had earlier passed an interim order on 9 January 2015 in the matter, whereby it directed the company and its promoters/ directors not to collect any more money from investors through the issue of securities.

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COMMENTS

Ramesh Poapt

7 months ago

trustee/promoters/group and amt involved details would have been welcome information.

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