Sebi bans Bengal’s Dreamland from mobilising money from public
25 Feb 2015 12:22 AM GMT
Market regulator Sebi on Tuesday barred Kolkata-based Dreamland Industries and its directors from mobilising funds from public through issuance of securities with immediate effect.
It was alleged that Dreamland Industries raised Rs 34 lakh through issue of non-convertible debentures (NCDs) to 85 people.
The Securities and Exchange Board of India (Sebi) found that the company had issued debentures to 50 or more persons as so was under a legal obligation to get listed on a stock exchange.
Among others, it was also mandatory for the company to bring out a prospectus with respect to the public issue. However, it failed to comply with these norms.
It was alleged that Dreamland Industries raised Rs 34 lakh through issue of non-convertible debentures (NCDs) to 85 people.
The Securities and Exchange Board of India (Sebi) found that the company had issued debentures to 50 or more persons as so was under a legal obligation to get listed on a stock exchange.
Among others, it was also mandatory for the company to bring out a prospectus with respect to the public issue. However, it failed to comply with these norms.
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