Initiating strict action for raising money in 'illegal and irregular' manner from public, Sebi today directed Golden Life Agro and its directors to refund the money raised from investors along with interests.
The Securities and Exchange Board of India (Sebi) has found that Golden Life Agro India Ltd raised Rs 11.3 crore from 24,915 investors by issuing Non-Convertible Debentures (NCDs) 'ostensibly' by way of private placement.
However, no prospectus was filed with Sebi for the same. In an order passed today, Sebi directed Golden Life Agro its directors and promoters to "refund the money collected by the company through its illegal and irregular offer and allotment of NCDs including the money collected from investors, till date, pending allotment of securities, if any, with interest of 15 per cent annum from the date of receipt of money from the investors till the date of repayment."
The Securities and Exchange Board of India (Sebi) has found that Golden Life Agro India Ltd raised Rs 11.3 crore from 24,915 investors by issuing Non-Convertible Debentures (NCDs) 'ostensibly' by way of private placement.
However, no prospectus was filed with Sebi for the same. In an order passed today, Sebi directed Golden Life Agro its directors and promoters to "refund the money collected by the company through its illegal and irregular offer and allotment of NCDs including the money collected from investors, till date, pending allotment of securities, if any, with interest of 15 per cent annum from the date of receipt of money from the investors till the date of repayment."
