HC to hear plea for CBI probe into Mangalam Agro case on Jun10

The Calcutta High Court today said it will hear on June 10 a plea by debenture holders in Mangalam Agro Products for a CBI probe into alleged fund misuse by the company.
Debenture holders had alleged that there was a huge difference between what the company was claiming in its balance sheet and the actual balance sheet.
Earlier on June 2, market regulator SEBI had barred Mangalam Agro Products and its directors from soliciting funds through issue of securities.
The Securities and Exchange Board of India (Sebi) had found that the company raised funds from public by issuing Non-Convertible Debentures ostensibly by way of private placement without regulator's approval.

In an order dated May 30, Sebi said Mangalam Agro Products Ltd (MAPL)and its directors --Kamolesh Kumar Ghosh, Ujjal Sikder and Tapan Kumar Dey-- were prohibited from issuing prospectus or any offer document for soliciting money from the public for the issue of securities, till further orders.
These entities have been restrained from raising money from the public either directly or indirectly.