The company, through such activity, violated various norms, Sebi 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 refund the money collected through the issuance of NCDs, along with an annual interest of 15 per cent.
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, cheating and misappropriation of public funds.
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