Besides, Sebi barred the company and its directors from the securities markets.
The Securities and Exchange Board of India (Sebi) raised about Rs 41.25 lakh from more 59 people through issuance of redeemable preference shares (RPS) during 2011-12 and 2012-13. and prima facie violated various norms.
The capital markets regulator observed that these companies allotted equity shares to over 50 persons which under the rules made it a public issue of securities.
Hence, it would 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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Accordingly, Sebi has directed the firm not to mobilise funds from investors through issuance of equity shares or any other securities, till further orders.
The firms and its present directors-- Pradip Kumar Bera, Gouranga Sundar Chakraborty, Kalidas Datta, Anukul Patra and its past directors Ashok Kumar Yadav, Avijit Chakraborty, Mrinal Kanti Paul and Minu Chakrabarti--have been prohibited from the capital markets as well as from issuing offer documents, advertisement for soliciting money from the public for the issue of securities, till further directions.
Golden Heaven Agro has also been asked to provide a full inventory of all its assets and properties as well as furnish complete and relevant information sought by Sebi.
These directions shall take effect immediately and shall be in force until further orders.
The order comes following a complaint received by Sebi in April 2014 alleging that the company had raised funds from the public and had failed to pay the amount due to its investors.