Sebi to hear 29 illegal fund mop-up cases on Septenber 3-4

Capital markets regulator Sebi on Thursday and Friday will hear final proceedings in the case of illegal fund raising from investors by 29 companies and their directors, mostly in the eastern states of the country.Among the companies that were involved in illicit fund raising activities are -- Amrit Projects ATM Agro Industries India Limited , Golden Heaven Agro Project India Limited Goldmine Food Products, and Progress Cultivation.The Securities and Exchange Board of India (Sebi) had issued interim orders against these companies, their directors and/or debenture trustees as they were prima facie found to have indulged into fund mobilisation activities through public offer of securities.However, these orders could not be delivered to some of the entities at their last known address. These directions can be can be accessed on Sebi's website.Accordingly, in order to proceed further in these matters, final opportunity of hearing is being given to all the entities on September 3-4.In case the entities, failed to appear for the personal hearing, Sebi would "proceed ex-parte on the basis of material available on record."Under the public issue norms, securities issued to more than 50 people qualifies as a public issue that requires compulsory listing on a recognised stock exchange. It was also required by companies to file a prospectus.