SEBI also prohibited GreenTouch Projects Debenture Trust continuing with its present assignment as a debenture trustee for the NCDs offered by GTPL
Market regulator Securities and Exchange Board of India (SEBI) has barred GreenTouch Projects Ltd (GTPL) and its four directors, Shyam Sundar Dey, Snehasish Sarkar, Sujoy Sahaand and Sumon Sarkar from markets for allegedly violating norms by raising funds through issue of non-convertible redeemable debentures.
GreenTouch Projects was found to have allegedly violated the Debt Securities Regulations as well as provisions of the Companies Act.
In an interim order, SEBI has restrained GTPL and its three directors from accessing the securities market till further directions.
The watchdog has also directed the company not to mobilise funds from investors through offer for non-convertible redeemable debentures (NCDs) issuance of equity shares or any other securities.
Further, the company and these directors have been asked not to divert any funds raised from public at large through the NCDs.
"GreenTouch Projects Debenture Trust (represented by its Trustee, viz Swagata Kumar Maiti) is prohibited from continuing with its present assignment as a debenture trustee in respect of the offer of NCDs of GTPL and also from taking up any new assignment or involvement in any new issue of debentures, in a similar capacity," the order said.
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