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
Read in App
Business News » India News

Sebi bars Suncity Infracon, 6 others from securities mkt

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Sep 08, 2017
11:19 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!

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.)

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

CBSE exam 2021 date news: FAKE exposed! IMPORTANT message for Students, government issues alert, do not fall for this rumour - FACT CHECK

Using Airtel Payments Bank? FREE! Good news for you

Market Guru in talk with RJ Salil Acharya of Radio City: People can buy ITC; It can emerge as 'Stock of the Year'

Home First Finance IPO opens today: Anand Rathi says Subscribe

Home First, IRFC, Indigo Paints IPO Reviews: Here is what Anil Singhvi recommends for investors

HISTORIC! Sensex at WHOPPING 50,000-pt all-time high! Know journey from 100-pt level with Anil SInghvi

Havells Share price: Buy with price target of Rs 1050 says Jefferies

Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC

Budget 2021 Expectations LIVE: Check latest news, updates, demands here

Income Tax: Confirmed! Important ITR refund status message update from I-T department

  • 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