With an purpose to get well buyers’ cash to the tune of Rs 56 crore, capital markets regulator Sebi has hooked up as many as 14 properties associated to Greentouch Projects and its 4 administrators in an unlawful fundraising case.
The properties being hooked up embody land parcels, plots, workplace areas and a flat positioned in West Bengal and Uttar Pradesh, in line with a restoration discover issued on Monday.
The restoration proceedings have been initiated in opposition to Greentouch Projects and its 4 administrators — Shyam Sundar Dey, Snehasish Sarkar, Sujoy Sinha and Sumon Sarkar — for failure to repay Rs 56 crore collected by the corporate by way of non-convertible redeemable debentures to twenty,549 people with out complying with public situation norms specified below the Companies Act and Sebi’s ILDS (Issue and Listing of Debt Securities) guidelines.
However, the corporate had claimed to have already repaid an quantity of over Rs 12.24 crore to its buyers.
Since the shares have been issued by the agency to greater than 50 people, it certified as a public situation that requires obligatory itemizing on a recognised inventory trade, amongst others.
As per the discover, the regulator learnt that the corporate and its administrators are in possession of 14 properties and felt that they could dispose the property with a view to obstructing or delay the restoration proceedings, which must be prevented instantly by attaching these property.
Consequently, the regulator has hooked up these properties and prohibited the entities from disposing, transferring or alienating these property.
The regulator has prohibited entities involved “from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties… which stands attached in execution of recovery certificate”.
Further, they’ve been directed to furnish full particulars of all of the moveable and immoveable properties held by them, and fees if any, in a prescribed format, together with authentic title deeds pertaining to the 4 properties inside two weeks.
As a part of the restoration proceedings, Sebi, in October 2019, had hooked up the financial institution accounts of those entities. However, they did not pay dues and didn’t even reply to the regulator’s demand discover.
The regulator famous that funds obtainable within the financial institution accounts and the securities obtainable within the demat accounts of the defaulters weren’t ample to get well dues.
In December 2015, Sebi had ordered Greentouch Projects and its 4 administrators to refund the buyers’ cash it had illegally raised by issuing securities, together with curiosity. These entities have been additionally barred from the securities market.
Source: www.financialexpress.com”