Sebi asks Aditya Global to pay investors money within 3 months

Capital markets regulator Sebi has ordered Aditya Global Industries Ltd (AGIL) to refund the money, it had illegally raised from investors, within three months along with interest.
Besides, Sebi has barred the company and its directors from the securities market for four years from the date of completion of refunds to investors.
The Securities and Exchange Board of India (Sebi) found that AGIL had mopped up over Rs 92 lakh from nearly 1,100 investors through issuance of redeemable preference shares and had "prima facie" violated public issue norms.
The regulator had observed that AGIL's 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.

In an order passed yesterday, Sebi has asked the company and its directors -- Arunava Bose Munshi, Anup Kumar Munsi and Amitava Bose -- to refund the money collected through the issuance of preference shares with an interest of 15 per cent per annum compounded at half yearly intervals within three months.
They have been directed to "issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily (in Bengali) with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within 15 days of this order coming into effect."

The company has to file a report of completion of repayment with Sebi within three months and have to provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form, Sebi said.

AGIL (formerly known as Angels Agro Industries) and its directors have been "restrained and prohibited from buying, selling or otherwise dealing in the securities market, till the expiry of four years from the date of completion of refunds to investors".
In case AGIL fails to comply with the directions, Sebi would make a reference to the state government/local police to register a civil/criminal case against the company and its directors.

It would also make a reference to Ministry of Corporate Affairs to initiate the process of winding up of the company.