SAT to hear Alchemist Capital plea against Sebi order on Aug31

Alchemist Capital has approached Securities Appellate Tribunal (SAT) against the capital market regulator Sebi's order that had directed the company to refund the money it had raised from investors.
The tribunal will hear the matter on Monday, August 31.
Securities and Exchange Board of India (Sebi), in an order passed earlier this month, had directed Alchemist Capital to repay the money it had raised from investors, along with a 15 per cent interest annually.
Besides, the company and its present and past directors, including K D Singh have been barred from securities markets for four years.
The regulator found that Alchemist Capital had garnered crore of rupees from several thousand investors through issuance of redeemable preference shares and had "prima facie" violated various norms.

The company had raised Rs 165 crore from over 28,000 investors.
The issue was made to more than 50 people which under the rules made it a public issue of debt securities requiring compulsory listing on a recognised stock exchange. It was also required to file a prospectus, which it failed to do.