SEBI has barred Aspen Projects from collecting money from investors and asked it to stop mobilising any funds, sell properties or raise any money from public
Market regulator Securities and Exchange Board of India (SEBI) has barred Kolkata based Aspen Projects India Ltd (Aspen Projects) and its directors from collecting any more money from the investors and directed them to stop mobilising or diverting any funds raised from public. Aspen has also been ordered not to sell off any properties of the company.
SEBI during its investigation found that the company was engaged in fund mobilising activity through issue of 'Secured Redeemable Debentures' and 'Preference Shares' 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.
Source: www.sebi.gov.in
SEBI prohibited the company and its directors Abhijit Dasgupta, Bhaskar Saha, Ashim Maitra, Ujjal Kumar Roy, Avijit Kumar Ganguly, Debopam Sur and Goutam Sarkar from issuing any new prospectuses, offer documents and advertisements to collect more money from the public till further directions.
SEBI also prohibited Ram Sunder Bhattacharya and Mita Roy from continuing as debenture trustees in respect of the issue of Secured Redeemable Debentures of the company and also from taking up any new assignments or involvement in any new issue of debentures till further directions.
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