Mumbai: Capital market regulator Sebi today barred Remac Realty India and its directors from mobilising funds from investors as well as from launching any new scheme.
Preliminary probe by the Securities and Exchange Board of India (Sebi) found that the West Bengal based-company was inviting funds from investors towards its various schemes for availing the services of Remac Realty under 'One Time Payment Scheme' and 'Monthly Instalment Scheme'.
This plan was in the nature of unauthorised 'Collective Investment Scheme (CIS)'.
"...Prima facie view that Remac Realty is engaged in fund mobilizing activity from the public, by floating/sponsoring/ launching 'collective investment scheme'...Without obtaining a certificate of registration from Sebi as required under ...CIS Regulations," Sebi said.
Accordingly, Sebi has directed Remac Realty and its promoters/ directors not to collect any money from investors and not to launch any new scheme.
Besides, the company has been asked to immediately submit the full inventory of assets owned by it out of the amounts collected from the investors under the existing schemes.
The company and its directors have been also been barred from diverting the funds raised from the scheme as well as from disposing of any asset with respect to the plan.
Further, Sebi has directed the entities to submit details of amounts mobilised and refunded, among other information. The company and its directors have been asked to file their replies within 15 days from the date of the order.
The directions will take effect immediately and will be in force until further orders.
The directors of Remac Realty against whom the order has been passed are Partha Pratim Tewari, Arnab Roy, Ganesh Kumar Bagaria, Leena Tewari, Reena Vijay, Sandip Chattopadhyay and Debapratim Mazumder.
The Securities and Exchange Board of India had received a complaint in June last year alleging mobilisation of funds by Remac Realty from public for various CIS offered by it.
