Sebi bars two companies, their executives from securities mkt

Continuing its clamp-down on illegal money raising activities, Sebi today barred two companies and their executives from the securities market as well as from mopping up fresh funds.
The barred entities are Gulshan Nirman India Ltd and RBX Land Developers India Ltd.
With regard to Gulshan Nirman, it was found that the company raised funds through issuance of Non-Convertible Redeemable Secured Debentures (NCRSDs).
The order has been passed against the company and its present/past directors - Sukanta Majhi, Rajat Shuvro De, Deep Ghosh, Md Salim, Nityananda Sarkar, Sudhir Sharma, Syed Akhtar, Kaustabh Roy, Debashish Bhattacharyya, Mohammad Attaullah Khan, Srinibash Ghosh, Prakash Kumar Kori, Manoj Singh, Pradip Naskar and Partha Sarathi Dey.

In its order, Sebi said these entities have been barred from raising fresh funds and also from the securities market till further directions.
"It is also observed from the copies of Letters of Allotment provided by complainants that GNIL allotted NCRSDs during FY 2011-12 and 2012-13 to at least 75 investors and mobilised funds amounting to Rs 39,53,000," Sebi said.

In a separate order, the regulator restrained RBX Land Developers and its senior executives from raising fresh funds from the investors till further directions.
The debarment would be applicable to the company's present/past directors - Kishore Rai, Arjun Singh, Shankar Singh, Raghuveer Singh Sisodiya and Hari Rathore Singh. They have also been barred from the securities market.

All these entities have also been asked to "jointly and severally refund money collected through the offer of debentures along with interest", if any, promised to investors.
According to Sebi, RBX Land Developers was raising money through the issuance of debentures since FY 2009-10 and mobilised Rs 11.98 crore till September 2014.