In a fresh crackdown on illegal money pooling scheme, markets regulator Sebi has barred Rahul Hi Rise and its directors from raising funds from investors till further directions.
Besides, the company and its directors have been barred from the securities market.
A probe by Securities and Exchange Board of India (Sebi) found that Rahul Hi Rise had mobilised nearly Rs 30 crore by issuing ‘Secured Redeemable Debentures’ to at least 100 investors during 2009-10 and 2010-11.
Since the shares were issued to over 50 people, the issuance qualified as a public issue which requires compulsory listing on a recognised stock exchange. It was also required to file a prospectus, which it failed to do.
In an interim order passed on October 1, Sebi said that Rahul Hi Rise shall forthwith cease to mobilise 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.”
The company and its directors — Abhijit Majumdar, Dipankar Gupta and Mrinmoy Bose — have been prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.
They have been directed to provide a full inventory of all their assets and properties. Besides, they have been restrained from disposing of any property of the company without getting prior approval from Sebi.
Further, Sebi has prohibited debenture trustees — Dinendra Nath Bandopadhyay and Well Being Trust (represented by Chapal Biswas and Dinendra Nath Bandopadhyay), from continuing with their present assignment in respect of issuance of securities in Rahul Hi Rise case and has also barred them from taking up any new assignment in a similar capacity.