Sebi orders two companies to refund investors' money

The firms and their directors are directed to refund the money along with an interest of 15% per annum

The Securities and Exchange Board of India on Wednesday ordered I-Nova Solutions and Pious Agro Industries to refund the money raised from investors by issuing securities without complying with the public issue norms. The firms and their directors are directed to refund the money along with an interest of 15 per cent per annum.