SEBI asks Idol India Infra, promoters, directors to refund money
Moneylife Digital Team 20 May 2014
SEBI also prohibited Idol India Infrastructures, its promoters and directors from accessing the securities market for raising funds
 
Market regulator Securities and Exchange Board of India (SEBI) has directed Idol India Infrastructures Ltd, its promoters and directors to refund money collected from investors.
 
SEBI said it found Idol India Infra, its promoters and directors flouting norms by raising Rs4.95 crore from over 10,000 investors through issuing non-convertible debentures (NCDs). 
 
However, the company claimed to have repaid a sum of Rs4.41 crore along with interest to its investors. 
 
In an order, SEBI directed Idol India Infrastructures, its promoter and directors to "refund the money collected by the company through the issuance of NCDs...With returns that were promised by the company to its investors. " 
 
In cases of delay in making the repayments, the company, its promoters and directors, would return the money collected from its investors with an interest of 15% per annum compounded at half yearly intervals, from the date of this order till the date of actual payment, SEBI said. 
 
The regulator said that repayments as claimed by the company, would need to be certified by Chartered Accountants. 
 
The market regulator also asked Idol India Infra to issue public notice, in all editions of two national dailies and in one local newspaper detailing the modalities for refund, including details on contact persons including names, addresses and contact details, within next 15 days. 
 
SEBI also prohibited India Infrastructures Ltd and its promoters and directors from accessing the securities market for the purposes of raising funds with immediate effect. 
 
"This restraint shall continue be in force for a further period of two years on completion of the repayments (to its investors), made to the satisfaction of SEBI," the regulator said in its order.
Comments
Deepak Srivastava
6 years ago
Kayse payment hoga 4lac26000 rs jama hai 10/10/2013 se 10/4/2017 tak mera payment with internet karayen aur doshi logon ki property jabt kar kanooni karywahi ho
sujeet kumar kumar
6 years ago
सर कैसे प्यमेंट होगा plz
sujeet kumar kumar
6 years ago
Helo sir This is Shusil sah. Idol india has stole my 60 lack. And now not refunding my money.
It's all branch has shut and owners are fled away.
Plz help me to get my money
7250606041.
Feel free to call anytime.
Manoj Gupta
6 years ago
Not pay money

Manoj Gupta
6 years ago
Sir Paisa nahi Mila abhi tak
Not refund any Money.
sujeet kumar kumar
Replied to Manoj Gupta comment 6 years ago
Call karo mai bhi फसा hu 60 lack 7250606041
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