Sebi bars Suncity Infracon, 6 others from securities mkt

Regulator Sebi today barred Suncity Infracon Corporation (India) Ltd (SICIL) and six individuals from securities market and directed them to refund money collected illegally from the public.

Among the six individuals, while three -- Subrata Das, Apu Saha and Prashanta Das -- are the firm's present directors and the rest -- Abhijit Dhar, Sajal Bhowmick and Rajesh Kumar Das -- are former directors.

Besides, the firm and directors have also been restrained from the securities market till the expiry of four years from the date of completion of refunds along with interest to investors.

According to the Securities and Exchange Board of India (Sebi), the company had issued and allotted Redeemable Preference Shares (RPS) to 2,429 investors during the financial year 2010-11 and raised a total amount of Rs 24,300.

Since the shares were issued by the firm to more than 50 people, the offer qualified as a 'public issue' and, therefore, the securities required compulsory listing on a recognised stock exchange by the company, as mandated under the Companies Act. However, SICIL failed to do so.

In an interim order passed in 2015, Sebi had restrained SICIL and its directors from mobilising fresh funds from the public till further directions.

The regulator also permitted SICIL and its present directors to sell the assets of the company for the sole purpose of making the refunds and deposit the proceeds in an escrow account opened with a nationalized bank.

In a separate order, Sebi directed MPA Agro Animal Projects Ltd and its six promoters and directors to "jointly and severally" refund the money collected from investors through allotment of equity shares without complying with norms.

The regulator also barred the firm and its promoters and directors from accessing the securities market till they refund the investors.

According to Sebi, in March 2010, the firm issued equity shares to 152 persons and mobilised funds to the tune of Rs 22.50 lakh.

As the issue by company was made to 50 or more persons, MPA Agro was required to compulsorily list such securities on at least one stock exchange. Among others, it was also mandatory for the firm to bring out a prospectus with respect to the public issue. However, the firm failed to do so.

Among the barred promoters and directors are Pintu Sen, Adhish Halder, Tapan Pramanik, Krishnadhan Das, Surajit Paul and Monoj Kumar Saha.

In an interim order passed today, Sebi barred Dreamway Industries Ltd and its 11 promoters and directors, from accessing the securities market for illegally collecting money from the investors.

In the FY 2010-11, the firm had Redeemable Preference Shares (RPS) to 468 persons and raised a total of Rs 69.99 lakh.

As the issue by company was made to 50 or more persons, the firm was required to compulsorily list such securities on at least one stock exchange. Among others, it was also mandatory for the firm to bring out a prospectus with respect to the public issue. However, the firm failed to do so.

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