Sebi slaps 4-yr ban on RDPL Infra for illegal fund raising

Markets regulator Sebi has imposed a four-year ban on RDPL Infrastructure and its directors for illegally raising funds worth nearly Rs 3 crore from public.
Besides, Securities and Exchange Board of India (Sebi) has directed the firm and its directors -- Praveen Kumar Rohilla, Lalit Kumar and Rakesh Kumar -- to refund the money collected under the 'collective investment scheme' to the investors with returns within three months.
Subsequently, they have been asked to submit a winding up and repayment report to Sebi within 15 days.
A probe conducted by the market regulator found that the company garnered around Rs 2.74 crore from investors through schemes for sale of plot of lands.

RDPL Infrastructure was running a collective investment scheme without securing approval from Sebi.
In a ruling dated September 22, Sebi said the restrain on the company and its directors would continue to be in force for a further period of four years till all the CIS of RDPL Infrastructure are wound up and all the money raised through such schemes are refunded to investors with returns.

The firm and the directors have been ordered "not to alienate or dispose off or sell any of the assets" except for the purpose "of making refunds to its investors."
Sebi said in case the firm and its directors fail to comply with the order, reference would be made to state government and local police to register a civil/criminal case.

Besides, the Corporate Affairs Ministry would be asked to initiate the process of winding up the company, it added.