Sebi bans Lokmangal Agro Industries, 7 directors from mkts
Sebi today banned Lokmangal Agro Industries and its seven directors from the securities market for at least four years and directed them to refund the money the company had raised illegally from the investors.
The directors are Smita Subhash Deshmukh, Vaijnath Nagappa Lature, Audumber Sandipan Deshmukh, Shahaji Gulchand Pawar, Gurrana Apparao Teli, Mahesh Satishchandra Deshmukh and Parag Suresh Patil.
According to a Sebi order, Lokmangal had mobilised funds amounting to Rs 74.82 crore from 4,751 investors during the financial years 2009 10 to 2011 12.
Post Office Time Deposit Scheme: Interest up to 7.5%, guaranteed returns, fixed income, preclosure rules, other benefits
Animal vs Sam Bahadur Box Office Collection Day 9: Animal crosses Rs 600 crore club, beats Sam Bahadur | Check day-wise collection
India vs South Africa 1st T20I Free Live Streaming: When and Where to watch IND VS SA T20I series Match LIVE on Mobile Apps, TV, Laptop, Online
NPS (National Pension System): How to create a corpus of Rs 5 crore with Rs 442 investment/day? After retirement, you will get Rs 2.5 lakh every month
Animal Box Office Collection: Ranbir Kapoor-starrer touches Rs 600 crore mark worldwide | Check OTT release details
Vehicle Insurance Policy: If your car drowns during flood or storm, can you claim insurance? Know rules
In its order, Sebi said the funds were garnered in contravention of the provisions of the Companies Act and ICDR (Issue of Capital and Disclosure Requirements) Regulations.
The firm and its directors have to refund the money collected through the issuance of equity shares with an interest of 15 per cent per annum.
Besides, the entities have also been prevented from selling their assets and properties, among others, except for the sole purpose of making the refund and deposit the proceeds in an escrow account opened with a nationalised bank.
Also, the entities, "with immediate effect", have been restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in it till the directions for refund to the investors are complied with and for a further period of four years from the date of completion of such refund.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)