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Sebi orders Goldmine Agro to refund investors, bans it from capital mkts

The regulator banned the company from markets for 4 years from completion of refund

Press Trust of India  |  New Delhi 

The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai (Photo: Reuters)

regulator has asked Ltd (GAL) and its directors to investors' money that the Kolkata-based company had raised illegally by issuing

Besides, imposed a ban on the firm and its directors from accessing the capital for four years from the completion of

mobilised funds illegally through issuance of (NCDs).

According to Sebi, had raked in Rs 35.62 crore by issuing NCDs to during 2009-10 and 2011-12. However, the company had not given details about the number of allottees.

The company, through such activity, violated various norms, noted.

The regulator observed that allotment of NCDs by the firm was a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do.

In an order dated July 12, Sebi has asked GAL and its past and present directors -- Tushar Sur, Joydip Mukhopadhyay, Bablu Saha and Samir Kumar Mukherjee -- to the money collected through the issuance of NCDs, along with an of 15 per cent.

They have been restrained from buying, selling or otherwise dealing in the for four years and the ban will continue till the completion of refunds to

In case the firm fails to comply with the order in three months, Sebi would make a reference to the state government or the local police to register a case against them for fraud, and of

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 15:32 IST