According to a Sebi order, Gulshan Nirman had raised an amount of over Rs 39 lakh by issuing secured redeemable non- convertible debentures (NCDs) to at least 75 investors during the financial years 2011-12 and 2012-13.
Since the securities were issued to more than 50 people, the offer of NCDs qualified as a public issue and required their compulsory listing on a recognised stock exchange.
However, the company did not comply with the provision.
Among other requirements, the firm was required to register a prospectus with the Registrar of Companies (RoC) under the Companies Act, which it failed to do.
Accordingly, in an order passed on January 24, Sebi has asked the firm and its present as well as former directors to refund the money raised during their respective period of directorship along with an annual interest of 15 per cent.
These directors have also been restrained from the securities markets for at least four years. Also, they have been prohibited from associating themselves with any listed company for the same period of time.
Further, Gulshan Debenture Trust and Aisha Begum have been restrained from accessing the securities market for four years.
Sebi said that the order is subject to “effect and implementation of the directions… shall be subject to the directions passed by the High Court (Calcutta) in its Order dated November 3, 2016 or any further orders passed therein”.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
