Sebi today barred Togo Retail Marketing and its 30 officials from the securities market for illegally raising funds.
The capital market watchdog said the interim order has been issued to prevent the company from "carrying on with its fund mobilising activity under the 'offer of equity shares' or any other securities".
"Further, the interest of the investors also need to be protected to ensure that public funds are not diverted and misappropriated. In the absence of such preventive action, irreparable loss and damage could be caused to shareholders and investors at large," the order said.
The company and 30 individuals have been barred from the securities market till further directions. These entities have also been restrained from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for issuance of securities.
Sebi noted that the company had allegedly commenced allotment of equity shares to the public since March 2004, without complying with applicable laws.
