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SEBI has ordered Shah Group Builders Ltd and its directors to refund over Rs 6 crore to investors within one year that it had illegally raised from them.
The Securities and Exchange Board of India (SEBI) has also barred the firm and its directors from dealing and soliciting money in capital markets for 18 months and ordered to pay 15 percent interest along with the refund amount.
SEBI has directed the firm and its promoters/directors in the order to “refund/repay the money to the tune of Rs 6.16 crore collected pursuant to the allotment of shares by Shah Group Builders during July-November 2008 to allottees along with interest at the rate of 15 percent per annum from the date of receipt of money from them till the date of such refund within one year from the date of this order”.
