Besides, the regulator directed the entities to refund the money collected by it along with 15 per cent interest.
Based on a complaint by an investor regarding non-payment of maturity amount of his investment, Sebi conducted a probe to ascertain whether the firm had made any public issue without complying with the relevant provisions of Sebi and Companies Acts.
During the probe, the regulator found that the firm had allotted secured redeemable debentures (SRDs) between financial years 2010-11 and 2012-13 and raised at least Rs 4.22 crore from more than 49 allottees.
The number of allottees and the amount of money raised during the said period could be more, Sebi said.
As the number of allottees was more than 49, it was deemed to be a public issue and required a compulsory listing on a recognised stock exchange.
Further, the company was also required to file a prospectus, among others, which it failed to do, Sebi said in an order on Tuesday.
Regarding the directors, Sebi said a director who is part of a company's board shall be responsible and liable for all acts carried out by a company. Hence, they are responsible for all the deeds of the company during the period of their directorship.
Accordingly, apart from the company, the regulator barred directors -- Prasanta Bera, Biraja Bera, Paromita Dey, Biswajit Roy, Arun Sardar, Aravinda Mondal, Sridhar Mukherjee and Abdul Mandal -- from the markets.
The directions regarding Aravinda Mondal and Sridhar Mukherjee will come into effect on the expiry of 365th day of this order if they fail to produce order from the competent authority with respect to their allegation of forgery, Sebi said.
Both have submitted that their signatures were forged to associate them with the company in the capacity of director.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)