The company has been directed not to access the capital market "from the date of this order till the expiry of four years from the date of completion of refunds to investors," according to SEBI's 28-page order.

Besides, the watchdog has barred 12 individuals, including directors. In case of failure of these entities to comply with the directions, SEBI said it would take appropriate action, including recovery proceedings.

The company as well as its promoters and directors have also been asked to refund the money collected through issuance of Redeemable Preference Shares, with returns that were promised to the investors.

It was found by the Securities and Exchange Board of India (SEBI) that these shares were issued in violation of Companies Act norms.
"In case of delay in making the repayments, the company, its promoters and directors, shall jointly and severally, return the money collected from its investors with an interest of 15 percent per annum at half yearly intervals from the date of this order till date of actual payment," it said.
"The above directed interest on the delayed payments shall be over and above the returns that are due to its investors of such instruments," the order said.

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