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Sebi Bars Verinder Finance from Mobilizing Public Money

India CSR by India CSR
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MUMBAI: Pulling the plug on illegal raising of funds by Verinder Finance, market regulator Sebi has  barred the company and its directors from mobilizing money by issuing securities.

The move follows Securities and Exchange Board of India (Sebi) receiving a reference from the Reserve Bank regarding collection of money by Verinder Finance by way of issuance of compulsorily convertible preference shares (CCPS).

The move follows Securities and Exchange Board of India (Sebi) receiving a reference from the Reserve Bank regarding collection of money by Verinder Finance by way of issuance of compulsorily convertible preference shares (CCPS).

Sebi found that Verinder Finance had raised over Rs 7 lakh from 2,000 people through issuance of CCPS.

The company, through such activity, had allegedly violated various norms, Sebi said.

The regulator observed that allotment of shares by Verinder Finance 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 has restrained the company and its directors from “mobilizing funds through the issue of securities to the public, and/or invite subscription, in any manner whatsoever, either directly or indirectly or through other companies in which they are directors/promoters, till further directions”  They have been restrained from accessing the securities markets, Sebi said.

Further, the firm and its directors have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.

The regulator 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.

These directions “shall come into force with immediate effect and shall continue to be in force till further directions”

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India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

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