SEBI bars Prayag lnfotech Hi-rise and its directors from soliciting money from the public as the company is alleged to engaged in fund mobilising activity through issue of redeemable preference shares
Market regulator Securities and Exchange Board of India (SEBI) has barred Prayag Infotech Hi-rise Ltd and its directors from raising money from public by issuing any securities.
During investigation, SEBI found that, Prayag Infotech Hi-rise has mobilized Rs863 crore from the public as on 31 March 2012. The company has issued 2.50 crore redeemable preference shares of Rs10 each for Rs25 crore on 26 August 2009 and made refunds of Rs102.12 crore, which is far more than what they collected during the year.
SEBI barred, Prayag Infotech Hi-rise its promoters and directors including Basudeb Bagchi, Avik Bagchi, Swapna Bagchi and Lakshmi Kant under sections 11(1), 11(4) 11A and 11B and 11B of the SEBI Act, 1992.
Prayag lnfotech has been also asked not to issue prospectus, any offer document, advertisement for soliciting money from the public for the issue of securities. SEBI also directed the company and its directors not to dispose any of the properties of the company or divert any funds raised from public at large.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
