Sebi bars Neesa Technologies, directors from securities mkt

Sebi has ordered Neesa Technologies and seven officials to refund the money raised illegally from investors and also barred them from the securities market for four years.
These entities raised nearly Rs 6 crore through issuance of non-convertible debentures (NCDs) in an illegal manner. They have been directed to refund the money along with an interest of 15 per cent per annum.
Besides, the company and its directors have been barred from the capital markets for a period of four years.
A Sebi probe found that the company had mobilised Rs 5.96 crore from 341 investors during financial year 2013-14 under its offer of NCD and in doing so, failed to comply with the provisions of the Companies Act.

The securities were issued by the firm to more than 50 people, which qualified it as a public issue that requires compulsory listing on recognised stock exchanges.
The company and its directors were also required to file a prospectus, among other things, which they failed to do.
The firm and its directors are "restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, with immediate effect," the order said.
Further, they are also directed to provide a full inventory of all their assets and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form.