The move follows the Securities and Exchange Board of India (Sebi) receiving a complaint against ASSR Agro alleging non-repayment of amounts arising from subscription of Non- -Convertible Secured Redeemable Debentures (NCDs).
Sebi found that ASSR Agro had raised Rs 18.64 lakh from 156 people through issuance of NCDs between 2010-11 and 2013-14.
The company, through such activity, had allegedly violated various norms, Sebi said.
The regulator observed that allotment of NCDs by ASSR Agro was a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do.
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Further, the firm and its directors have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.
The capital market watchdog also asked the entities not to dispose any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from the public.
Also, Sebi has prohibited Debenture Trustees-- Ram Bhattacharya and Pratima Roy--from continuing with their assignment in respect of NCDs issue of ASSR Agro. It also barred them from taking up any new assignment in a similar capacity till further directions.
These order "shall come into force with immediate effect and shall continue to be in force till further directions".