Goldmine Agro, directors barred by SEBI from raising money from investors
Moneylife Digital Team 22 June 2015
SEBI found that Goldmine Agro collected about Rs35.62 crore by issuing NCDs to investors between 2009-10 and 2011-12
Market regulator Securities and Exchange Board of India (SEBI) has barred Goldmine Agro Ltd and its directors from raising money from investors through issuance of securities for having violated with public issue norms.
Further, the company and its present directors -- Tushar Sur, Bablu Saha and Joydip Mukhopadhyay and past director Samir Kumar Mukherjee -- 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.
SEBI found that Goldmine Agro raked in Rs35.62 crore by issuing NCDs to investors between 2009-10 and 2011-12. However, the company had not given details about number of allottees.
SEBI said it had received complaints alleging that Goldmine Agro was issuing non-convertible secured redeemable debentures (NCDs) to the public in the guise of private placement.
The company, through such activities, violated various norms, SEBI said.
The regulator observed that allotment of NCDs by the firm was 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 it failed to do.
"The company is engaged in fund mobilising activity from the public, through the offer of NCDs, and as a result of such activity has violated the provisions...Of the Companies Act," SEBI said in two separate interim orders.
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