SEBI orders two firms to refund ₹21 crore

Our Bureau Mumbai | Updated on January 20, 2018 Published on May 17, 2016

SEBI has passed an order against the past directors of Kolkata-based Sun-Plant Business and Sun-Plant Forgings — Girija Shankar Kumar, and Awdhesh Kumar Singh, and Ameet Singh, respectively, for issuing redeemable preference shares to more than 50 investors without complying with public issue norms during their tenure with the companies.

While the first company collected ₹4.17 crore, the second collected ₹17.51 crore through such shares. The securities market regulator has ordered the directors to refund the money to investors with 15 per cent interest payable and has barred these individuals from accessing the securities market with immediate effect till four years after the full refunds are made.

Published on May 17, 2016
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