New Delhi: Sebi on Monday barred Life Care Infrastructures and Angel Allied as well as some of their executives from the capital market after finding that they had unauthorisedly raised over Rs 5.5 crore from investors.
They have also been banned from raising funds from the public till further directions.
The market regulator found that Life Care Infrastructures India Ltd mobilised Rs 4.5 crore while Angel Allied India Ltd mopped up little over Rs 1 crore illegally through issuance of non-convertible redeemable secured debentures (NCRSDs).
Life Care along with its past and present directors -- Pralay Kumar Saw, Sanjoy Kumar Maiti, Sujit Mitra, Partha Pratim Ghosh and Ramprasad Sarkar have been restrained from the capital market. They have been barred from soliciting money from the public, Sebi said in an interim order.
The company is prima facie engaged in fund mobilising activity from the public, through the offer of NCRSDs and as a result of the aforesaid activity has violated the provisions of the Companies Act, the order noted.
In a separate interim order, Sebi banned Angel Allied and its executives from the securities market as well as from raising money from the public. The individuals barred are Sekh Nazibulla, Santosh Kumar Mishra, Devid Haslaf and Sandip Pal.
Angel Allied allotted these securities to "at least 334 investors... And mobilised Rs 1,03,15,700 from them," it added.
All the entities have been barred from "accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions".