Sebi faults Active Rural, bans it from raising money
The Securities and Exchange Board of India (Sebi) on Thursday barred Active Rural Development India and its directors from mobilising money from investors through issuance of securities, for allegedly violating public issue norms Jackpot Trading Tips
The move follows Sebi receiving a reference from the Bihar government to examine the legality of the activities of the this group of companies.
Sebi found Active Rural collected Rs 1.36 crore from 2,500 investors by alloting Non-Convertible Redeemable Secured Debentures(NCDs) in contravention of various norms.
The regulator observed that allotment of NCDs by the firm was a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do Astrology & Numberology books
"Active Rural Development India is engaged in fund mobilising activity from the public through the offer of NCDs, and as a result of such activity has violated the provisions... of the Companies Act," Sebi said in an interim order.
Accordingly, Sebi has restrained the company and its directors from mobilising any fresh "funds from investors through the offer of NCDs or the issuance of equity shares or any other securities to the public, and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions".
Furthermore, the firm and its directors -- Dilip Kumar Diwakar, Polaki Umashankar Rao, Ganesh Kumar Singh and Vandana Saha -- have been barred from issuing any offer document or advertisement for soliciting money from the public through issuance of securities Intraday Trading Tips
"They have been restrained from accessing the securities market," Sebi said.
The capital market watchdog also asked the entities not to dispose any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from the public Nifty Trading Tips
Sebi has barred debenture trustee, Active Debenture Trust (represented by its trustees, Abhinash Kumar Jha and Jagdish Kumar Singh), from continuing with its assignment on NCD issuance and taking up any new assignment in a similar capacity till further directions.
This order "shall come into force with immediate effect and shall continue to be in force till further directions" Astrology market books
The move follows Sebi receiving a reference from the Bihar government to examine the legality of the activities of the this group of companies.
Sebi found Active Rural collected Rs 1.36 crore from 2,500 investors by alloting Non-Convertible Redeemable Secured Debentures(NCDs) in contravention of various norms.
The regulator observed that allotment of NCDs by the firm was a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do Astrology & Numberology books
"Active Rural Development India is engaged in fund mobilising activity from the public through the offer of NCDs, and as a result of such activity has violated the provisions... of the Companies Act," Sebi said in an interim order.
Accordingly, Sebi has restrained the company and its directors from mobilising any fresh "funds from investors through the offer of NCDs or the issuance of equity shares or any other securities to the public, and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions".
Furthermore, the firm and its directors -- Dilip Kumar Diwakar, Polaki Umashankar Rao, Ganesh Kumar Singh and Vandana Saha -- have been barred from issuing any offer document or advertisement for soliciting money from the public through issuance of securities Intraday Trading Tips
"They have been restrained from accessing the securities market," Sebi said.
The capital market watchdog also asked the entities not to dispose any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from the public Nifty Trading Tips
Sebi has barred debenture trustee, Active Debenture Trust (represented by its trustees, Abhinash Kumar Jha and Jagdish Kumar Singh), from continuing with its assignment on NCD issuance and taking up any new assignment in a similar capacity till further directions.
This order "shall come into force with immediate effect and shall continue to be in force till further directions" Astrology market books
posted by Naresh Jain @ 23:09
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