Sebi Registered - Markets regulator Sebi has ordered Greentouch Projects and its four directors to refund the investors' money it had illegally raised by issuing securities.
These five entities have also been barred from the securities market with immediate effect and the ban would be in place till the expiry of four years from the date of completion of refunds to the investors. Moreover, they have been ordered to refund the money along with 15 per cent annual interest.
The regulator found that Greentouch Projects had raised Rs 56 crore through non-convertible redeemable debentures to 20,549 persons without complying with public issued norms. However, the company claimed to have already repaid a sum of over Rs 12.24 crore to its investors.
Since the shares were issued by the firm to more than 50 people, it qualified as a public issue that requires compulsory listing on a recognised stock exchange, among others.
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