SEBI bars Neesa Technology from raising funds from investors
Moneylife Digital Team 04 June 2015

Neesa Technology that issued NCDs of Rs1 lakh each with IDBI Trusteeship Services as the debenture trustee, has been restrained by SEBI from raising funds and securities markets till further notice

Market regulator Securities and Exchange Board of India (SEBI) has asked Ahmedabad-based Neesa Technology Ltd not to raise funds from investors through non–convertible debentures (NCDs) or any other security till further notice.
In a show cause cum interim order, S Raman, whole time member of SEBI also barred the company's directors, Arvind Gupta, Yogesh Ghisumal Gemawat, Girishchandra Mukundram Baluni, Sanjay Gupta, Kamlendra Joshi, Manoj Singhal, Suresh Kumar and its former director Nimain Charan Biswal from asking money from public.
Both Neesa Technology and its directors are also barred from accessing the markets. SEBI also asked them to provide full inventory of all assets and properties and not to dispose any of them till further notice.
Neesa Technology had issued NCDs of Rs1 lakh each with IDBI Trusteeship Services as the debenture trustee. The matter was referred to SEBI by the Ministry of Corporate Affairs in late 2014 after the latter received a complaint regarding mobilisation of funds by Neesa Technology.
SEBI said the company was prima facie engaged in fund mobilizing activity through the Offer of NCDs to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and SEBI (Issue and Listing of Debt Securities), Regulations, 2008.
Srikanth Shankar Matrubai
8 years ago
The Company is a sister concern of the BIG FRAUD company Neesa Leisure Ltd.
These persons should be put behind bars for cheating the poor FD investors
Vaibhav Dhoka
8 years ago
Is it sister concern of Ahmadabad based Neesa group?
Free Helpline
Legal Credit