Market regulator SEBI in its drive against unlisted private money mobilising activities has restricted three West Bengal headquartered entities — Ramel Real Estate and Infrastrcuture, MBK Business Development and GreenTouch Projects — from raising funds from investors.

SEBI has also prohibited the companies and their directors from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders.

The watchdog found that these companies raised funds through issue of non-convertible debentures without following the lawful procedures. Although the offers of NCDs were stated to have been made on a private placement basis, the issuances in all cases exceeded the private placement threshold of 49 people under the Companies Act, 1956, SEBI said. The market regulator has directed these companies and their directors not to dispose off any of the properties or alienate or encumber any of the assets of the companies without prior permission from it. It has barred the companies from diverting funds raised from the public through the offer of NCDs. It has also debarred the debenture trusts created by the entities and their trustees to continue with the current assignments.

SEBI found out that Ramel collected ₹75 crore through issue of NCDs to 1,045 investors in 2012. GreenTouch allotted NCDs to a total of 20,549 investors, and admittedly mobilised a total amount of ₹55.96 crore during 2010-13. MBK mobilised more than ₹9 crore from 4,518 investors between 2010 and 2013.

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