LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » India News

Sebi asks Cell Realcon, IMAX Projects to refund investors'

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Thu, Oct 05, 2017
05:19 pm
PTI
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Sebi has directed two firms -- Cell Realcon Corporation and IMAX Projects India -- and their directors to refund investors' money that they raised by issuing securities without complying with public issue norms.

Besides, the watchdog has barred them from capital markets for four years from the date of completion of refunds, the Securities and Exchange Board of India (Sebi) said in separate orders.

Cell Realcon raised Rs 19.46 lakh through issuance of non-convertible debentures (NCDs) to at least 70 persons in 2012-13 and 2013-14, while IMAX Projects garnered around Rs 3 crore by allotting redeemable preference shares (RPS) to nearly 2,200 people between 2009-10 and 2012-13.

IMAX Projects, however, claimed that it made refunds of a little over Rs 2 crore to investors.

The securities were issued to over 50 persons by each company, which under the rules made it a public issue. Hence, the companies were required to make a compulsory listing on a stock exchange. Besides, the firms were required to file a prospectus, among others, which they failed to do.

According to Sebi, the companies were engaged in fund mobilising activity from the public through the offer of RPS and NCDs and contravened the provisions of the Companies Act.

In orders passed on October 4, Sebi has asked the firms and their directors to refund the money raised through the issuance of securities along with an interest of 15 per cent per annum.

It has also restrained the firms' directors from associating themselves with any listed public company and any public entity that intends to raise money from the public, or any intermediary registered with the regulator from the day of these orders "till the expiry of four years from the date of completion of refunds to investors".

In case, they fail to comply with the directions of refund on expiry of three months period, Sebi would initiate recovery proceedings.

Besides, it would make a reference to the state government or local police to register a civil or criminal case against them for offences of fraud, cheating, criminal breach of trust and misappropriation of public funds.

Earlier through interim orders in 2015, Sebi had prohibited these firms and their directors from the capital markets "till further directions".

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

PUBG Mobile India: Launch date, trailer, competition from FAUG and other latest updates

Mid-cap Picks with Anil Singhvi: Vikas Sethi picks Phillips Carbon Black, Coromandel International, IEX for top returns

WhatsApp Web users' Phone numbers available on Google Search? Know how to stop it

Gold Price Today 19 January 2021 – Weakness in Gold as Yellow metal cheaper by Rs 40 on MCX; Silver up Rs 74

JEE, NEET, CBSE board exams 2021: Education minister has this special message for students

Indigo Paints IPO Price Band, Ranking, Equity Shares, Valuation to Brand Ambassador I Important message for retails investors

Increase in nominal GDP reduces the stress on banks': Ashutosh Khajuria, Federal Bank

IRFC IPO: CEO Amitabh Banerjee explains future expansion plans of the company

Stocks in Focus on January 19: Mindtree, IndiaMart InterMESH, IRFC IPO, Apollo Hospitals to L&T Financial Holding; here are the 5 Newsmakers of the Day

Anil Singhvi’s Strategy January 19: Day support zone on Nifty is 14,150-14,225 & Bank Nifty is 31,500-31,650

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved