Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
June 26, Monday 2017 8:59 PM       

       HEADLINES: Dilip knew that actress would be attacked, Pulsar Suni tells police                                              Ticket-less travel by police officers in Kochi Metro, KMRL files complaint                                              Counterfeit note case to be handed over to CBI, one more arrested                                              Aju Varghese expresses support for Dileep                                              Attempts to make Joy’s suicide result of family problem: Brother                                              Surgical strikes prove India’s strength, no country questioned it: Modi                                              Miss Haryana Manushi Chhillar crowned Femina Miss India 2017                                              White House forgoes Iftar for first time in two decades                                              Chinese media says 'stubborn' India aiming to counter-balance Beijing's CPEC                                              China's fastest bullet train makes debut                                              Mahindra Racing to exit Moto3 at end of 2017                                              Kaumudi Facebook
       BUSINESS Next Article: SBI raises Rs 15,000 crore through QIP  
       Sebi directs URO Group firms to refund investors' money
 
         Posted on :22:21:32 Jun 8, 2017
   
A A
       Last edited on:22:21:32 Jun 8, 2017
         Tags: Sebi, URO Group firms, refund investors' mon
 
New Delhi: Markets regulator Sebi has directed five URO Group firms and their directors to refund the money, which they had illegally collected from the public, within three months.
 
These five firms are -- URO Walkers, URO Infra Reality India, URO Infotech, URO Lifecare and URO Hygienic Foods.
 
Besides, the companies and their respective directors have been restrained from the securities market.
 
According to the Securities and Exchange Board of India (Sebi), these companies had collectively garnered about Rs 7.7 crore from over 4,000 investors in 2011-12 through issuance of securities and prima facie violated various provisions of the Companies Act.
 
These firms issued shares to over 50 persons each, which under the rules made it a public issue of securities. Hence, the companies were required to make a compulsory listing on a recognised stock exchange. Besides, they were required to file a prospectus, among others, which they failed to do.
 
In five similar worded orders, Sebi said that refund has to be made along "with an interest of 15 per cent per annum (the interest being calculated from the date when the repayments became due ... till the date of actual payment) within a period of 90 days".
 
Besides, the companies and its directors have been barred from the securities markets for four years and the ban will continue till the completion of refund to investors.
 
In case, they failed to comply with the directions of refund, Sebi would initiate recovery proceedings.
 
Further, in two separate orders, Sebi has restrained two companies -- Jeevan Dhara Geomine Ltd and Basundhara Agro Resources (India) Ltd -- from raising funds from the public with immediate effect.
 
Jeevan Dhara Geomine issued redeemable preference shares (RPS) to atleast 676 persons raising about Rs 1.7 crore between 2009-10 and 2011-12, while Basundhara Agro Resources had mopped-up over Rs 2 crore by iussing RPS to 1,287 persons during 2011-12, 2012-13 and 2013-14.
 
These funds were raised in violation with the public issue norms.
 
Further, Sebi has asked these firms and their directors not to divert any funds raised from public at large. They have been asked to furnish complete and relevant information sought by the regulator.
A A
       BUSINESS
Next Article: SBI raises Rs 15,000 crore through QIP
 
 
BUSINESS HEADLINES
AI privatisation welcome but clear salary dues first: Pilots  
Rupee halts 3-day slide v/s USD; up 7 paise at 64.52  
Spice GST Suvidha provider is all geared up for July 1st  
Sensex tumbles 153 pts on profit-booking  
Sensex hits all-time high of 31,522  
RBI to keep rates unaltered in near term: D&B  
Sensex surrenders record gains on GST blues, mixed global cues  
GST to be rolled at midnight June 30: Jaitley  
India plans SAARC meet for startups: Nirmala  
Rupee gains 11 paise against dollar, stocks play anchor  
"Rs 700 cr worth of Momentum Jharkhand proposals implemented"  
JK govt to seek complete consensus before GST implementation  
Mobile data consumption rose 142% in last 3 yrs: Kant  
Gold loses sheen on weak global cues, muted demand  
Rupee opens lower by 15 paise against dollar  
Nifty ends below 9,600 post Fed rate hike  
Paytm, 1mg offer discounts ahead of GST  
Customers may get Rs 5,000 if int'l SIM card fails  
Sensex closes higher, Nifty advances as inflation cools  
RBI issues new Rs.500 bank notes with inset letter 'A'  
Govt close to resolution on stressed power projects: Goyal  
Inflation at record low of 2.18%; factory output slows to 3.1%  
Cut down on salads to save costs: AI staff  
GST: Lowers tax for 66 items, price of coir and cashew to go down  
GST Council revises rates for cinema tickets  
 
Actress case: Do you think Pulsar Suni's letter is part of a conspiracy?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy