Sebi bars two firms for raising funds illegally via securities

Sebi today barred Falkon Industries India and Ravi Kiran Realty India and from raising funds through issue of securities and has also barred the companies and their respective directors from dealing in the securities market, till further directions.
The capital market regulator found that Falkon Industries India had raised money through issue of 'Secured Redeemable Debentures', while Ravi Kiran Realty had mobilised public money via issue of 'Redeemable Preference Shares'.
In two separate orders, the Securities and Exchange Board of India (Sebi) said that the companies had violated various norms due to such activities.
The watchdog has directed the companies not to mobilise funds from investors through issuance of equity shares or any other securities, till further orders.

The companies and their respective directors have also been "prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders".
Besides, the companies and its directors have also been restrained from accessing the securities market, Sebi said in the orders.

They have also been asked have been asked not to divert any funds raised from public at large and provide full inventory of all their assets and properties.
Falkon Industries India had allegedly raised about Rs 49 lakh from investors. Its directors are -- Manirul Islam, Indraj Singh Jat and Afzal Miah.

Meanwhile, Ravi Kiran Realty had raised Rs 1.31 crore from investors. Sebi has barred its directors -- Gopal Roy Banik, Biswajit Chowdhury, Manisha Chatterjee, and Swapan Kumar Paul -- and the company's past director, Kaushik Chatterjee.