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Sebi orders MNCs to repay investors' money
Markets regulator Sebi today asked Multinational Industries Ltd (MIL) and its directors to repay investors' money that the Kolkata-based firm had raised without complying with public issue norms. Besides, the Securities and Exchange Board of India (Sebi) has restrained them from dealing in the securities market ‘from the date of this order, till the expiry of four years from the date of completion of refunds to investors’.
A probe by Sebi found that MIL had raised Rs 59.35 lakh by allotting non-convertible debentures (NCDs) to 110 people during 2011-12 to 2013-14. Since the securities were issued by the firm to more than 50 people each, it qualified as a public issue that requires compulsory listing on the recognised stock exchange. It was also required to file a prospectus, among other things, which it failed to do.
“In view of the violations committed by the company and its directors and promoters, to safeguard the interest of the investors who had subscribed to such NCDs issued by the company, to safeguard their investments, and to further ensure orderly development of securities market, it also becomes necessary for Sebi to issue appropriate directions against the company and the other noticees,” Sebi Whole Time Member Madhabi Puri Buch said in an order.
Accordingly, Sebi has directed MIL and its directors and promoters ‘to refund the money collected by the company through the issuance of NCDs, including the money collected from investors... With an interest of 15 per cent per annum, from the eighth day of collection of funds, to the investors till the date of actual payment’. These directors and promoters are Obaidur Rahaman, Kalyan Saha, Akmal Sekh, Rakabul Haque, Nargis Parvin, Rajesh Acharya and Miarul Sekh.
After completing the repayments, they would have to file a report of such completion with Sebi, within three months, certified by two independent chartered accountants. In case they fail to comply with the directions, Sebi on the expiry of three-month period, may recover such amounts.
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