Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
August 18, Friday 2017 2:17 PM       

       HEADLINES: Nepotism: Kerala High Court pulls up minister Shailaja                                              HC postpones hearing on Dileep’s bail-plea to Tuesday                                              Thomas Chandy hides property details in affidavit to EC                                              P V Anwar’s park: Revenue minister sought report from collector                                              Maneka Gandhi seeks Sushma Swaraj's intervention to rescue minor married to Omani sheikh                                              Barcelona terror attack: local media says at least 13 dead                                              India beat Austria 4-3 to end Europe tour on a high                                              Mirza advances, Paes crashes out of Cincinnati Masters                                              ICC U-19 World Cup: Windies to take on Kiwis in opener                                              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
Maruti rolls out sporty 'Ciaz S' at Rs 9.39 lakh  
RBI still has room to slash rate in current fiscal: Kidwai  
Our full sympathy with agitating Noida home buyers: FM  
Videocon names Rajesh Rathi as business head  
Sensex surges 235 pts as geo-political tensions ease  
Sensex jumps 191 points, ignores weak IIP data  
Trai website to soon display telcos' tariff plans: Sharma  
NPA resolution to spur credit expansion, growth: Panagariya  
Sensex, Nifty snap 5-week winning streak on profit-booking  
200 Indian business reps see great investment opportunities in Kazakhstan  
FICCI for substantial slash in policy rates by RBI  
Kochi Shipyard makes strong market debut after $225 million IPO  
Gold tops Rs 30,000-mark, spurred by safe haven appeal  
Govt has not written off single rupee of corporate loans: FM  
Sensex losses mount on global sell-off, dives 336 pts  
Def Min wants non-lapsable capital fund; writes to finance min  
Parijat Industries builds war chest of international trademarks in 45 countries  
Sensex closes at 1-mth low, hit by losses for 4th day  
Rupee wobbles on global tensions, dives 21 paise to 63.84  
Denial of benefit over lack of Aadhaar is breach of norms  
Nifty ends below 10,000, drops 79 pts  
CBDT highlights 25 per cent surge in filing of IT returns  
Sensex firms up 61 points on fund inflows  
Chabahar Port a gateway to golden opportunities: Gadkari  
Sexual abuse data begins to come out of corporate closets  
 
Do you think Pulsar Suni's Madam is a spoof?
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