Sebi bars Roofers Infra-Projects, its directors

Markets regulator Sebi today barred Roofers Infra-Projects Ltd and its 16 directors from raising fresh money from investors after it was found to have garnered an unauthorised Rs 74.40 crore.
The Securities and Exchange Board of India (Sebi) found that the company had raised funds illegally through the issuance of non-convertible redeemable debentures (NCDs) from 42,269 individuals.
The funds were raised between 2009-10 and 2013-14, Sebi said.
The regulator observed that allotment of NCDs by the firms was a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do.

Sebi said the company has violated provisions of the Companies Act.
Accordingly, the watchdog has restrained the company and its directors "from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions".

Those barred are Saurovemoy Ghosh, Sukumar Bhattacharya, Sudhir Chandra Bera, Khudiram Sounth, Hirak Nath Sounth, Jayanti Sounth, Bhadreshwar Pal and Anjan Bandyopadhyay.
Further, the company and their directors have been debarred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities, Sebi said.
The watchdog has also asked the entities not to dispose of any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from the public.

Also, it has prohibited debenture trustees of the firm from continuing with their assignment in respect of NCD issue of these companies. It also barred them from taking up any new assignment in a similar capacity till further directions.
This order "shall come into force with immediate effect and shall continue to be in force till further directions", Sebi said.