Sebi asks Golden Life Agro to refund investors' money

Initiating strict action for raising money in 'illegal and irregular' manner from public, Sebi today directed Golden Life Agro and its directors to refund the money raised from investors along with interests.The Securities and Exchange Board of India (Sebi) has found that Golden Life Agro India Limited raised Rs 11.30000000 from 24,915 investors by issuing Non-Convertible Debentures (NCDs) 'ostensibly' by way of private placement.However, no prospectus was filed with Sebi for the same. In an order passed today, Sebi directed Golden Life Agro its directors and promoters to "refund the money collected by the company through its illegal and irregular offer and allotment of NCDs including the money collected from investors, till date, pending allotment of securities, if any, with interest of 15% annum from the date of receipt of money from the investors till the date of repayment."They have been asked not to access the capital market by issuing prospectus soliciting money from the public and "are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from the date of this Order till the expiry of 4 years from the date of completion of refunds to investors."Besides, they are restrained from associating themselves, as a director or a promoter, with any listed public company and any public company which intends to raise money from the public.These barred promoter and director are Tipu Sultan, Shri Biswanath Mondal, Subhas Sarkar, Nirjal Pal, Swapan Sadhukhan, Chandan Debnath and Uttam Chakraborty.Besides, Sebi said that Jyotsna Sadhukhan and Jharna Sarkar would not offer themselves to be engaged as debenture trustees or in any capacity as an intermediary in the securities market, without obtaining registration certificate.They have been restrained from buying, selling or dealing in securities, in any manner whatsoever, for a period of four years.The directions shall come into force with immediate effect.In May 2014, Sebi prohibited Golden Life Agro as well as its directors from soliciting funds through issue of securities, till further orders.