A 'Weird' case

The Securities and Exchange Board of India (Sebi) has passed an order against a company with an unusual name — Weird Infrastructure Corporation. Not only was the name weird but so were its actions. When Sebi confronted the company and its directors for collecting money from investors without permission, the directors started resigning one after the other. The ‘Weird’ name though did not put off gullible investors from depositing over Rs 16 crore in the company’s debentures. Sebi has ordered the money to be returned and banned the ‘Weird’ promoters from the market for four years. It also emerged the promoters had floated several companies with ‘Weird’ names. These include Weird Agro, Weird Pharma, Weird Industries and Weird Infratech.