Investor Issues
SEBI directs Roofers Infra-Projects not to mobilise funds from investors
The company was engaged in fund mobilising activity through the issue of Non-Convertible Redeemable Debentures to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, according to a SEBI Order
 
In an interim order-cum-show cause notice, market regulator SEBI (Securities and Exchange Board of India) directed Roofers Infra-Projects not mobilise funds from investors. Further, the company, its promoters/ directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, till further orders.
 
The company and its promoters/ directors have further been directed not to dispose of any of the properties or alienate or encumber any of the assets of the Company without prior permission from SEBI. They are not to divert any funds raised from the public, which are kept in bank accounts and in the custody of the company, according to the SEBI Order.
 
The Debenture Trustees, viz. Roofers Debenture Trust (represented by its Trustees, viz. Kanai Lal Bhattacharya and Biman Kumar Tat) and Diamond Debenture Trust (represented by its Trustee, viz. Biman Kumar Tat) are prohibited from continuing with the present assignment as debenture trustees in respect of the Offer of Non-Convertible Secured Redeemable Debentures of the company and also from taking up any new assignment or involvement in any new issue of debentures, according to the SEBI Order.
 
All directors, promoters and the company itself are prohibited from accessing the securities market, the SEBI Order ruled.
 
The company was engaged in fund mobilising activity through the issue of Non-Convertible Redeemable Debentures to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, the SEBI Order pointed out.

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Authorised banks to stay open until 8 p.m. on Thursday
New Delhi : All designated branches of 'agency banks' will remain open till 8 p.m. on Thursday to help people pay their taxes on the last day of the financial year 2015-16, the Reserve Bank of India said.
 
'Agency banks' are banks authorised to carry out government transactions, such as collection of taxes.
 
The 'agency banks' will keep the counters of their designated branches conducting government business open till 8 p.m. on Thursday. All electronic transactions will continue till midnight. 
 
Real Time Gross Settlement and National Electronic Funds Transfer will also remain operational for extended hours.
 
State-owned IDBI Bank too will remain open for extra hours despite a section of its employees being on strike. 
 
Thursday is the last day of the strike called by two of IDBI Bank trade unions in protest the reported moves by the central government to bring down its equity in the bank to less than 50 percent.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Rajya Sabha also prorogued to end parliament budget session
New Delhi : The Rajya Sabha has been prorogued by President Pranab Mukherjee, officially ending parliament's budget session since the Lok Sabha too was prorogued earlier.
 
The move will enable the government to bring in an ordinance to facilitate government expenditure from the Consolidated Fund of India for Uttarakhand which was placed under President's Rule on Sunday.
 
An ordinance cannot be promulgated while parliament is in session.
 
The Rajya Sabha was prorogued on Wednesday night, an official of the upper house's secretariat said on Thursday. The Lok Sabha was prorogued on Tuesday.
 
There was a break on March 16 in parliament's budget session and it was set to meet again on April 25 and continue till May 13.
 
Sources said a final call on when the house will meet next will be taken soon.
 
The Cabinet Committee on Political Affairs on Tuesday recommended proroguing the session. 
 
The cabinet also approved the re-promulgation of an ordinance to amend the nearly 50-year-old Enemy Property Act to guard against claims of succession or transfer of properties left by people who migrated to Pakistan and China.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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