NBR Developers
  • more-arrow-down
    • Please wait while loading other cities loading...

Govt tightens scrutiny of companies fund raising plans

  • No. 1 Property Portal in India
  • Over 25 Lakhs Apartments and More
  • Post Free Residential Properties in India
  • Find Property in Bangalore
  • Buy/Sell/Rent Apartments in India
  • Search Latest Residential Property in India
  • Get Free Alerts on Property Requirements
  • Find Agents/Buyers for your Property
Finding violations of regulatory norms in raising funds from, SC last month directed 2 Sahara firms to refund about Rs 24,000 cr to investors . Corporate Affairs Ministry has strengthened its surveillance mechanism over companies raising funds from the public as also on their end-use in the wake of the Supreme Court verdict on the Sahara group. Finding violations of regulatory norms in raising funds from the public, the Supreme Court last month directed two Sahara firms to refund about Rs 24,000 crore to the investors within three months with an annual interest of 15 per cent. Following the apex court order, the Ministry of Corporate Affairs (MCA) has directed all Registrars of Companies (RoCs) to strengthen their surveillance activities, sources said. "In the wake of Sahara case, internally, we have asked the RoCs to strengthen their activities. We are also looking at the possibility of whether other companies too had raised funds from the public in violation of regulatory framework," a senior official said.
As per the regulations, any fund raising by even unlisted firms from 50 or more investors is considered as a public offering and needs capital market regulator Sebi's approval. The MCA has already asked the RoCs to reject applications filed by unlisted companies for raising money from the public through issue of shares, debentures or other securities from 50 or more investors, as such fund-raising activities comes under the jurisdiction of Sebi. The Ministry and the RoCs would also look into whether the funds raised by the companies are being used for stated objectives, the official added.
RoCs, under the Corporate Affairs Ministry, have powers to ensure that companies registered in their jurisdictions comply with statutory requirements under the Companies Act. The official said that MCA would extend all possible help to Sebi regarding the Sahara case. The apex court, in its verdict on August 31, had directed Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) to refund Rs 24,000 crore with interest in three months. The money was raised through issue of an instrument called 'Optionally Fully Convertible Debentures' (OFCDs). Following the court order, the Sahara group had assured its depositors and investors that their money is safe and there will not be any delay in payment commitment to them. If the two companies fail to refund the amount, Sebi can attach their properties as well as freeze bank accounts. Sebi has also been asked to investigate the issue.
Source: Business Standard

Property Listings

Apartments, Flats and Property for Sale in Bangalore

Sep 21, 2016
http://www.mahaveerzephyr.contact-us-now.com Mahaveer Zephyr is a residential development of Mahaveer Group. It is located off Bannerghatta Road,..
Sep 16, 2016
http://www.salarpuriasattvaopus.contact-us-now.com Salarpuria Sattva Opus has pre- launched Bangalore a Premium Gated Community Residential..
Sep 14, 2016
Goyal Orchid Whitefield project is spread across 7 acres of land and it offers 1, 2, 2.5 & 3 BHK housing apartments with comfortable..
Sep 08, 2016
For Sale: Newly const. 2 bhk. Area: 1272 sft. Level: F/Floor Car Park: 1 slot. Price: 1.05 Cr. Incl. 1 Car park & deposits..
Aug 30, 2016
http://www.codenamefiverings.contact-us-now.com Codename five rings is brand new venture of developer, nicely instituted at Sarjapur in Bangalore,..
Aug 29, 2016
http://www.legacyestilo.contact-us-now.com Legacy Estilo Bangalore offers 1, 3 and 4 BHK apartments for buyers and consists of 58 units in all...
Aug 24, 2016
http://www.peninsulaheights.contact-us-now.com Peninsula Land is now in Bengaluru, with a luxurious gated residential complex “Peninsula..
Aug 22, 2016
http://www.legacycelino.contact-us-now.com Legacy Celino is located in Thanisandra, Hebbal to Airport in Bangalore. Legacy Celino is currently a..
Aug 16, 2016
Bhadra Legacy is a modern luxurious living space at a premium location of Bangalore, MG Road. The 19 super luxurious apartments offers a..
Aug 11, 2016
http://www.godrej17.contact-us-now.com Godrej 17 brings to the market a wide range of apartments for families of all sizes at an affordable price..

Apartments, Flats and Property for Rent in Bangalore

Sep 16, 2016
Fully furnished Flat for Rent at Cookes Town ( Lloyd Road) 3 BHK with Car Parking, Lift, Power Back up, 24hrs water, Good Location with all..
Jul 25, 2016
The House available for Rent is in the First floor The locality of house is Near Koramangala and Outer Ring Road House No. 12, 19thA Cross, Near..
Jul 02, 2016
Flat for Rent at Cookes Town 2 BHK with car parking 24hrs water, Lift, Power Back up, Good Location with all Basic Fecilities. Rent0..
May 28, 2016
A spacious 3 Bedroom flat is available for Rent in Kadugodi, Bangalore. It is located on the 2 Floor. It has a covered area of 1650 Sq-ft. The..
May 24, 2016
2bhk ready to move closer too all basic needs closer to all IT CO. very good and safe..
May 02, 2016
Flat for Rent at M.G Road (Vittal Mallya Road ) 2 BHK Ground Floor Built up - 1340 sq feet, North Facing 24hrs water, Lift, Power back up, Good..
Apr 28, 2016
New Flat for Rent at Frazer Town 2 BHk with car parking Lift, power back up,24hrs water Good Location with all Basic Fecilities, Rent..
Apr 12, 2016
3bhk Pent House For Rent in Akme Ballet Apartment For 52k Call SAIF Size: 3BHK (2300sft) Area: Outer Ring Road, Dodda Nekundi, Bangalore Land..
Mar 19, 2016
Rs20000 / 2br - 1100m2 - 2 BHK house for rent (kundanhalli..
Mar 18, 2016
*SPACIOUS FLAT WITH EXCELLENT DAY LIGHT( NATURAL LIGHT) AND AIR CIRCULATION * Furnished with Sofa set, TV cabinet , Double bed , Exhaust Fans,..