Sebi bans Astha India from capital markets

Market regulator Sebi today barred Astha India Infra-tech from the securities market for allegedly raising unauthorised money from investors.
This direction would be in force till further order.
A securities and exchange board of India (Sebi) probe found that the company issued Non Convertible Debentures (NCDs) to 54 investors in 2011-12 and 2012-13 without complying with the public issue norms.
As the debentures were issued to more than 50 people, the issuance qualified to be a public issue that requires compulsory listing on a recognised stock exchange. It was also required to file a prospectus, which the company failed to do.

Accordingly, "Astha India has been prohibited from mobilising fresh funds from investors through 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 have been restrained from "accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions," Sebi said in an interim order.
The barred directors are Partha Sarkar, Subhash Kar, Sujit Das, Suma Kardas and Sandip Pal.