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Sebi bans Assda Agro from markets, orders refund of investor money

According to an interim order passed by Sebi in June 2017, AAPL had made an offer of Redeemable Preference Shares (RPS) from 2010 to 2013 and raised over Rs 69 lakh.


PTI India
Updated: 20-07-2018 18:15 IST
Sebi bans Assda Agro from markets, orders refund of investor money

In the final order, the market watchdog reiterated that AAPL and its directors and promoters are liable for the offer of RPS against the norms of public issue and appropriate action needs to be initiated against them. (Image Credit: Twitter)

Sebi today barred Assda Agro Projects Ltd (AAPL) and its seven directors and promoters for at least four years from securities market and ordered them to refund the money collected from investors for unregistered public issue.

According to an interim order passed by Sebi in June 2017, AAPL had made an offer of Redeemable Preference Shares (RPS) from 2010 to 2013 and raised over Rs 69 lakh.

The regulator found that offer of RPS is public issue and AAPL was mandated to comply with the 'public issue' norms under the Sebi Act.

After finding the offer of RPS in contravention of Sebi Act, it had directed the entities not to access the securities market and refrain from diverting any funds raised from public through the offer.

In the final order, the market watchdog reiterated that AAPL and its directors and promoters are liable for the offer of RPS against the norms of public issue and appropriate action needs to be initiated against them.

It said AAPL, Aloke Das, Nabarun Dutta, Sheke Ajger Ali, Debasish Dutta, Sheke Jasmir Hossain, Gouri Dutta and Sekh Jasim Hossain shall refund the money, along with 15 per cent interest, and are prohibited from markets till the expiry of 4 years from the date of completion of refund.

Besides, they are prevented from selling their assets, properties and holding of mutual funds/shares held by them in demat and physical form except for making the refunds, Sebi said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India

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