Sebi has directed Jakraya Sugar Ltd and its directors to refund the money collected from investors without complying with the regulatory norms.
In addition, these entities have been restrained from buying, selling, or otherwise dealing in the securities market "till the expiry of a period of three years from the date of effecting the refund".

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JSL's directors are -- Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Lata Satyawan Bamane, Shubhangi Satyawan, Shridhar Vinayakrao Mane, Priyanka Rahul Jadhav, Paresh Suhas Dange, Bajarang Shivaji Jadhav and Bandopant Madhukar Sathe.

Further, Sebi directed Jakraya Sugar Ltd (JSL), Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Bamane and Satyawan will jointly and severally refund money collected from the investors with an annual interest of 15 per cent.

In its interim order cum show cause notice, Sebi also directed JSL will cease to mobilise fresh funds from investors through the offer and allotment of any securities, to the public, either directly or indirectly until further orders.

The order came after Sebi conducted an examination into the issuance and allotment of non-convertible redeemable preference shares (NCRPS) by JSL.

"I note that JSL has raised Rs 20.947 crore, through the issue of NCRPS to 849 investors in FY 2008-09, 476 investors in FY 2009-10, 2,786 investors in FY 2012-13, and 601 investors in FY 2013-14, in violation of public issue norms as stipulated under Companies Act, 1956 and DIP (Disclosure and Investor Protection) Guidelines," Sebi's whole time member Ashwani Bhatia said in the order on Friday.

Also, JSL admitted that since it did not make any public issue of NCRPS, it was not required to file a prospectus under the norms.

However, the issue of NCRPS in FY 2008–09, 2009–10, 2012-13, and 2013-14 by JSL, is prima facie deemed to be a public issue under the Sebi rules.

Therefore, JSL should have registered a prospectus with the Registrar of Companies under the companies act, which it failed to do so, thereby violating the norms, the market watchdog said.
The company and every director who is an officer in default is jointly and severally liable for repayment of the money raised by JSL in breach of rules, it added.

Accordingly, Sebi restrained Birappa Bhagwan, Rahul Jadhav, Sachin Birappa, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Bamane, Satyawan, Mane, Priyanka Rahul, Dange, Bajarang Shivaji and Sathe from associating themselves with any Sebi-registered intermediary till the expiry of a period of three years from the date of completion of refunds to investors.

In two separate orders on Friday, the regulator slapped a fine of Rs 3 lakh each on Sudhakar Anchan and Suresh Kotian for failing to comply with the summons issued by Sebi in the matter of Sharepro Services.