SEBI banned Rose Valley Real Estate & Construction, directors from securities market

Vastavam web: Regulator Sebi today banned Rose Valley Real Estate & Construction and its five directors from the securities market for four years for raising money from the investors without complying with the public issue norms.A probe by Sebi following a reference from the Corporate Affairs ministry had revealed that Rose Valley Real Estates had come out with seven issues of secured non-convertible debentures (NCDs) from 2001-02 to 2007-08, out of which, in six, the number of allottees was more than 49.According to an order, the firm and its directors also did not issue a prospectus by making all the relevant disclosures.

Noting that the firm and its directors “failed” to comply with requirement relating to public issue and listing of securities, Sebi barred them from buying, selling or dealing in the securities market, directly or indirectly, in any manner whatsoever, for a period of four years.Sebi also banned Subra Dey, Arun Mukherjee, Abir Kundu, Ratan Roy Chowdhury and Mritunjay Saha from the securities market for four years as they had acted as debenture trustees in respect of the issuances of NCDs by the firm without getting registration.