INSUBCONTINENT EXCLUSIVE:
New Delhi: Markets regulator Sebi Wednesday barred Kolkata-based Golden Pariwar Holding and Developers and its seven promoters from raising
funds from public with immediate effect for carrying out illegal fund mobilising activity.
Besides, regulator has also ordered entities not
to dispose of any assets or divert any funds raised from public through mobilising funds.
The move comes after regulator received a
complaint from an individual that a fund mobilising activity was carried out by Golden Pariwar.
In an order, Sebi said Golden Pariwar issued
redeemable preferential shares (RPS) to 54 and 66 persons during 2011 and 2012, respectively, collecting over Rs 11 lakh.
Since shares were
issued to more than 49 people, offer of RPS qualified to be a 'prima facie' public issue and required compulsory listing of securities on a
recognised stock exchange.
Among other requirements, firm was also required to register a prospectus with Registrar of Companies (RoC) under
Companies Act.
However, firm failed to do so and "company prima facie appears to have violated provisions of Companies Act," regulator said
in an interim order.
Accordingly, Sebi passed directions against firm and its promoters -- Sukalyan Biswas, Debamita Biswas, Bina Biswas,
Susmita Biswas, Suprakash Biswas, Sushyamal Biswas and Sukumar Biswas -- and asked them to reply within 21 days as to why directions of
refund to public along with interest should not be passed against them.
In a separate order, Sebi imposed a fine of Rs 7 lakh on Praveen
Kumar Agarwal for fraudulent trade by executing reversal trades in shares of Pressman Advertising Ltd.
By indulging in such activities,
Agarwal violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, regulator said in an order dated January 8.
