NEW DELHI: SEBI has prohibited Goldmine Agro and its directors from raising money from investors through the issuance of securities for having violated with public issue norms.
The Securities and Exchange Board of India had received complaints alleging that Goldmine Agro was issuing Non- Convertible Secured Redeemable Debentures (NCDs) to the public in the guise of private placement.
Sebi found that Goldmine Agro raked in Rs 35.62 crore by issuing NCDs to investors between 2009-10 and 2011-12. However, the company had not given details about number of allottees.
The company, through such activities, violated various norms, Sebi said. 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.
“The company is engaged in fund mobilizing activity from the public, through the offer of NCDs, and as a result of such activity has violated the provisions…of the Companies Act” Sebi said in an two separate interim orders.
Accordingly, Sebi has restrained the company and its directors from mobilizing 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”.
Further, the firm and its present directors — Tushar Sur, Bablu Saha and Joydip Mukhopadhyay and past director Samir Kumar Mukherjee — have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.
They have been restrained from accessing the securities markets, Sebi said. The capital market watchdog 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.
Also, Sebi has prohibited debenture trustee — Goldmine Debenture Trust (represented by Sujata Saha) firms from continuing with its assignment in respect of NCDs issue of the company. The regulator 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”.
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