New Delhi: Markets regulator Securities and Exchange Board of India (Sebi) has asked Goldmine Agro Ltd (GAL) and its directors to refund investors’ money that the Kolkata-based company had raised illegally by issuing securities. Besides, Sebi imposed a ban on the firm and its directors from accessing the capital markets for four years from the completion of refund. Goldmine Agro mobilised funds illegally through issuance of non-convertible redeemable debentures (NCDs). According to Sebi, Goldmine Agro had raked in Rs35.62 crore by issuing NCDs to investors during 2009-10 and 2011-12. They have been restrained from buying, selling or otherwise dealing in the securities markets for four years and the ban will continue till the completion of refunds to investors.

Source: Mint July 13, 2017 12:33 UTC