Mumbai: Finding alleged violation of norms, Sebi on Friday barred three firms and their senior executives from raising fresh funds till further directions.
Insure Life Infrastructure India, Subha Commercial Services and MRS Agrotech India have been restrained from mopping up fresh money, according to three separate orders.
The watchdog found that Insure Life Infrastructure India had raised money from the public without getting registered under its collective investment scheme regulations.
Besides the company, its past and present directors -- Jagdish Prasad Sharma, Laxmi Khandelwal Jagdish Prasad Khandelwal, Abhishek Khandelwal and Dinesh Kumar Sharma -- have been directed "not to collect any fresh money from investors under its existing schemes".
These entities have also been barred from launching any new schemes or plans or float any new companies to raise fresh money, according to an order.
In the case of Subha Commercial Services, the Securities and Exchange Board of India (Sebi) found that the company illegally raised over Rs 65.67 crore through issuance of redeemable preference shares. This amount was garnered from about 850 investors during 2012-13 to 2014-15 financial years.
Sebi, in a separate order, said it has restrained the company and its directors Goutam Ghosh, Uttam Ghosh, Biswajit Sukla Das and Ashim Das from raising fresh money.
Separately, the regulator has banned MRS Agrotech India from mobilising fresh funds from investors after finding that the entity mopped up money through illegal issuance of non-convertible redeemable secured debentures.
By way of these securities, MRS Agrotech raised Rs 8.38 crore during financial years 2011-12 and 2012-13.
In this case, the ban has also been imposed on its present /past directors -- Subhashish Chakarborty, Rajdeep Sadhu, Samrat Sadhu, Dolon Sadhu Kundu, Bablu Debnath, Narayan Chandra Bhowmick and Subrata De.
