Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">Sebi</keyword> has pounded upon <keyword id="3134212" type="UNKNOWN" weightage="100" keywordseo="Vasundhara-Realcon">Vasundhara Realcon</keyword> for illegal money pooling activities, barring its directors from raising money from investors through issuance of securities. 

	A Sebi probe found that Vasundhara had garnered over Rs 2.23 crore by issuing Non-Convertible Redeemable Debentures (NCDs) to 468 people during 2010-11 to 2013-14. It further said that the actual number of allottees and the amount mobilised could be much higher. 
 

	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. 
 

	Accordingly, Sebi said "Vasundhara Realcon shall cease to mobilise any fresh funds from investors through the offer of NCDs or through 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." 
 

	The firm and its directors have been restrained from accessing the securities markets, Sebi said in an order dated November 10. 
 

	Sebi also asked the entities not to dispose any of the properties or assets acquired by the company without prior permission from the regulator as well as not to divert the funds raised from the public. 
 

	Also, Sebi has prohibited debenture trustee Vasundhara Realcon Debenture Trust (represented by Chinmoy Ghatak and Priyabrata Roy) from continuing with its assignment in respect of NCDs issue of the company. It also barred it from 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", Sebi added.
 

	(Image credits: Indiatimes)

This company was trying to cheat people off their money, but SEBI has a
genius plan to stop them!

You Searched For "Vasundhara Realcon" and got 1 results

This company was trying to cheat people off their money, but SEBI has a genius plan to stop them!

BI India Bureau

Popular Keywords

Buying Guides