Markets regulator Sebi has slapped a fine of Rs 1 crore on Green Ray International and its four promoters and directors for not complying with its directions to refund the money collected by the company under collective investment schemes (CIS) from the investors.
In February 2014, Green Ray International and its four promoters and directors, including Mir Sahiruddin, Mir Tahiruddin, Ayub Saha and Khalik Saha, were directed by Sebi to wind up the existing CIS and refund the money collected by the company under the schemes with returns which were due to the investors within a period of three months.
Besides, the entities were ordered to submit a winding up and repayment report to the Securities and Exchange Board of India (Sebi).
In an order dated May 31, Sebi noted that the entities have shown obstinacy to comply with its directions as they have completely disregarded the order.
"Such non-compliance and gross defiance of the directions certainly causes loss to the investors and unlawful gain to the noticees (Green Ray International and its four promoters and directors)," Sebi said.
Noting that the gravity of this matter cannot be ignored as non-compliance of the directions is continuing till date after lapse of more than four years, Sebi has said the brazen defiance shown by the entities towards directions cannot be viewed lightly.
For "not complying" with the directions issued through February 2016 order, the regulator has slapped a fine of Rs 1 crore on Green Ray International and the four promoters and directors.
As per the order, the company had received Rs 13.30 crore (as on March 31, 2010) and Rs 45.50 crore (as on March 31, 2011) from the investors.
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