May
11, 2016
PR No. 094/2016
Order in the matter of M/s. GBC Enterprise Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed
an order on May 06, 2016, wherein M/s. GBC Enterprise
Limited, its promoters/ directors, inter-alia have been
directed to refund the money collected by the company
through issuance of Redeemable Preference Shares including
the money collected from investors, till date, pending
allotment of securities, if any, with interest at the rate
of 15% per annum compounded at half yearly intervals.
The company and its promoters/ directors are also restrained
from accessing the securities market and further prohibited
from buying, selling or otherwise dealing in the securities
market, directly or indirectly in whatsoever manner, with
immediate effect. They are also restrained from issuing
prospectus, offer document or advertisement soliciting money
from the public and associating themselves with any listed
public company and any public company which intends to raise
money from the public, or any intermediary registered with
SEBI. The above directions shall come into force with
immediate effect and shall continue to be in force from the
date of this Order till the expiry of 4 years from the date
of completion of refunds to investors.
The company was engaged in fund mobilizing activity through
issuance of Redeemable Preference Shares, to more than 49
persons, without complying with the relevant provisions of
the Companies Act, 1956 read with the Companies Act, 2013.
The company and its directors shall issue public notice, in
all editions of two National Dailies (one English and one
Hindi) and in one local daily with wide circulation,
detailing the modalities for refund, including details of
contact persons including names, addresses and contact
details, within fifteen days of this Order coming into
effect.
SEBI had passed an interim order on February 20, 2015 in the
matter, whereby inter-alia, it directed the company and its
promoters/ directors not to collect any more money from
investors through issuance of securities in any manner
whatsoever.
The present order dated May 06, 2016 brings to conclusion
the above said proceedings with the aforesaid directions.
Mumbai
May 11, 2016
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