Sebi today imposed a penalty of Rs 1 crore on Wasankar Wealth Management Ltd and its five promoters and directors for failing to comply with the market regulator's direction to refund the money mobilised illegally from investors.
The promoters and directors are Prashant Jaidev Wasankar, Mithila Vinay Wasankar, Vinay Jaidev Wasankar, Bhagyashree Prashant Wasankar and Abhijeet Jayant Chaudhari.
In May 2015, Sebi had passed an order directing Wasankar as well as its promoters and directors to make refunds to investors, among others, after observing that they had mobilised nearly Rs 13 crore in 2009-10, 2010-11 and 2012-13, by issuing non-convertible preference shares (NCPS) to 228 investors without complying with public issue norms as stipulated under the Companies Act.
"...vide order dated May 18, 2015, the noticees (Wasankar and its promoters and directors) were directed to refund the money mobilised by them to the investors with an interest of 15 per cent per annum compounded at half yearly intervals and file a certificate of completion to Sebi," the regulator said in an order.
"The noticees have made no effort to comply with the directions issued to them vide order dated May 18, 2015," it added.
Sebi said the non-compliance of the company and its promoters and directors with its directions has "jeopardised" the interests of the gullible investors who have invested in the NCPS offered by them