Sandhya Projects, Directors Asked to Refund with 15% Interest Money Collected Through Redeemable Preference Shares
Market regulator Securities and Exchange Board of India (SEBI) has ordered Sandhya Projects Ltd (SPL) and the company directors Rajib Kumar Saha, Dilip Saha and Subindu Pramanik (noticees) to jointly and severally refund money collected through the issuance of redeemable preference shares (RPS) in FY11-12. While barring all four from markets for one year, SEBI also directed them to refund application money collected from investors pending allotment of securities, if any, with an interest of 15%pa (per annum).
Source: moneylife.in
