Among the six individuals, while three -- Subrata Das, Apu Saha and Prashanta Das -- are the firm's present directors and the rest -- Abhijit Dhar, Sajal Bhowmick and Rajesh Kumar Das -- are former directors.
Besides, the firm and directors have also been restrained from the securities market till the expiry of four years from the date of completion of refunds along with interest to investors.
According to the Securities and Exchange Board of India (Sebi), the company had issued and allotted Redeemable Preference Shares (RPS) to 2,429 investors during the financial year 2010-11 and raised a total amount of Rs 24,300.
In an interim order passed in 2015, Sebi had restrained SICIL and its directors from mobilising fresh funds from the public till further directions.
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The regulator also permitted SICIL and its present directors to sell the assets of the company for the sole purpose of making the refunds and deposit the proceeds in an escrow account opened with a nationalized bank.
The regulator also barred the firm and its promoters and directors from accessing the securities market till they refund the investors.
According to Sebi, in March 2010, the firm issued equity shares to 152 persons and mobilised funds to the tune of Rs 22.50 lakh.
As the issue by company was made to 50 or more persons, MPA Agro was required to compulsorily list such securities on at least one stock exchange. Among others, it was also mandatory for the firm to bring out a prospectus with respect to the public issue. However, the firm failed to do so.
In an interim order passed today, Sebi barred Dreamway Industries Ltd and its 11 promoters and directors, from accessing the securities market for illegally collecting money from the investors.
In the FY 2010-11, the firm had Redeemable Preference Shares (RPS) to 468 persons and raised a total of Rs 69.99 lakh.
As the issue by company was made to 50 or more persons, the firm was required to compulsorily list such securities on at least one stock exchange. Among others, it was also mandatory for the firm to bring out a prospectus with respect to the public issue. However, the firm failed to do so.
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