Besides, the regulator asked the entities to "jointly and severally" refund the money collected through redeemable preference shares within three months from the date of the order.
The company, having made a public issue of RPS, was required to compulsory list the shares on a recognised stock exchange. It was also required to file a prospectus, among other things under Companies Act which it failed to do so, the regulator added.
With regard to directors (present and past), the regulator said they were holding position of directorship during the offer of RPS, hence are liable for action, Securities and Exchange Board of India (Sebi) said.
Accordingly, Sebi barred GMS and its present and former directors -- Ashim Mitra, Sanjoy Mitra, Lopamudra Bandyapadhyay, Biswajit Das, Dinesh Chowhan, Chandan Biswas and Rajesh Singh -- while promoters are Soumen Paul, Aparna Roy Chowdhury, Mina Mukherjee, Gita Karmakar and ADB Food Products Pvt. Limited.
In February, Sebi through an interim order had refrained the five promoters from accessing securities market, hence the four-year ban would include the debarment period of nine months already served by the promoters, Sebi noted.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)