SEBI bars Aspen Projects from collecting money from investors
Moneylife Digital Team 09 June 2014

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.

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.

Ali Hasan
6 years ago
as aspen projects India LTD. is a registered company through SEBI its investors who possess secured redeemable debentures should be paid their hard earned money from which of aspen office can we get payment please suggest ......
Phinjo Dukpa
6 years ago
all the public funds raised by such company must be returned to the people the government must take strict action local people are fooled by such company the security on exchange board of india should take action on the lost money and such deposited to the public
9 years ago
such companies are functioning every where hiding behind a facade.Popular Finance company is mobilising fund by issuing secured redeemable debentures from the public under the guise of friends and relatives.will SEBI will look in to this?
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