Regulations
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.

Non-bailable warrant against Pankaj Bhujbal
Mumbai : A Special Court on Wednesday issued a non-bailable arrest warrant against NCP legislator Pankaj Bhujbal and some others in connection with a money laundering case lodged by the Enforcement Directorate (ED).
 
Prevention of Money Laundering Act Special Court Judge P.R. Bhavke ordered the warrant after taking cognizance of the chargesheet filed by the ED in the case pertaining to the alleged corruption in the construction of the Maharashtra Sadan in New delhi and another case.
 
The judge also extended the judicial custody of former deputy chief minister Chhagan Bhujbal and his nephew former MP and Sameer Bhujbal till May 11.
 
On March 30, the ED had filed an 11,500-plus pages chargesheet naming the Bhujbal trio, their other associates and corporate entities like D.B. Realty, Balwa Group, Neelkamal Realtors and Kakade Infrastructure in the scam worth around Rs.870 crore.
 
The ED has filed two first information reports (FIRs) against the accused under PMLA based on complaints registered by Maharashtra Anti-Corruption Bureau for probing alleged irregularities in the construction of Maharashtra Sadan and a land grab at Kalina in Mumbai.
 
The actions followed a Special Investigation Team directed by the Bombay High Court in December 2014 to probe these cases against the Bhujbals and others.
 
Earlier, the ED had attached properties of the Bhujbals worth Rs.131.86 crore and carried out searches at nine offices and properties.
 
While Sameer Bhujbal was arrested on February 3, his uncle Chhagan Bhujbal was nabbed on March 14 by the ED and remains in custody. Now the warrant has been issued against Pankaj Bhujbal.
 
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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