SEBI orders to refund money
Markets regulator Sebi has ordered five companies and their directors to refund more than Rs 30 crore which they had raised by issuing securities without complying with public issue norms. The companies are Jugantor Realty, Matribhumi Projects (I) Ltd, RBX Land Developers India, Mount Vision Industries India and Adamant Infrastructures. A Securities and Exchange Board of India (Sebi) probe found that the firms mobilised funds by issuing debentures to more than 49 persons, without complying with the public issue norms. In five separate orders, Sebi said the companies and their directors are restrained from accessing the securities market and are further prohibited from buying, selling or dealing in securities, in any manner whatsoever, for a period of four years.
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