Mumbai: SEBI Wednesday confirmed the directions passed by it last year against Seashore Securities as well as its promoters and directors in a case related to illicit money pooling activities.
In July 2014, the capital market watchdog had restrained the company and these individuals raising funds from investors through issuance of securities, till further directions.
All these entities were also barred from securities market till the completion of the probe.
An initial probe by the Securities and Exchange Board of India (SEBI) has found that Seashore Securities had raised crores of rupees from investors in Odisha under the garb of 'cumulative redeemable preference shares' and promising them high returns.
The company and the individuals have been asked to provide a full inventory of all their assets and properties, details of all their bank accounts and demat accounts within 15 days, SEBI Whole Time Member Prashant Saran said in today's order.
In the 17-page order, the regulator said it would conclude its "examination in the matter at the earliest and initiate appropriate action" against the company and its promoters and directors. They include Prashanta Kumar Dash, Pravat Kumar Dash, Jyotirani Sarangi, Surath Das, Shantiprava Dash, Manoj Kumar Nath, Prativa Dash, Sudhanshu Shekhar Pati, Sapna Jena and Gopal Chandra Sahu.
