Sebi bars Sunshine AgroInfra from capital market
|Source: The Hitavada Date: 25 Dec 2016 09:15:24|
MARKETS regulator Sebi has barred Sunshine AgroInfra Ltd (SAIL) and its directors from mobilising funds from investors through issuance of securities till further orders. The entities have also been restrained from accessing the market, the Securities and Exchange Board of India (Sebi) said in an interim order. It was alleged that the company raised Rs 8.23 lakh illegally from 112 investors through redeemable preference shares (RPS) in 2011–12. Since the firm had issued shares to over 49 persons, it qualified as a public issue of securities that required compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do. The company and its directors have also been prohibited from soliciting money from the public for the issue of securities in any manner, directly or indirectly. Further, the entities have been directed not to dispose of, alienate or encumber any of their assets or not divert any funds raised from public through the offer and allotment of preference shares.