Through its subsidiary, the company unlawfully collected Rs. 137.12 crores in FY 2012-13 and Rs. 478.35 crores in FY 2013-14 without a certificate of registration
Prasad Corporation Ltd (SPCL) Refund News: Sai Prasad Corporation Ltd. (SPCL) has been discovered to have raised funds through collective investment schemes (CIS) in violation of securities market regulations. Through its subsidiary, the company unlawfully collected Rs. 137.12 crores in FY 2012-13 and Rs. 478.35 crores in FY 2013-14 without a certificate of registration from the Securities and Exchange Board of India.
Previously, SEBI ordered Sai Prasad Corp to refund 615 billion rupees within three months of the order’s issuance. The securities market regulator has also imposed a four-year suspension on the firm and its directors Balasaheb K Bhapkar, Vandana B Bhapkar, and Shashank B Bhapkar. In addition, the directors have been instructed to disclose their assets and properties, including bank accounts, Demat accounts, lockers, and shareholdings.
According to reports, SEBI was scheduled to auction 200 properties owned by Sai Prasad Group in November 2019 to recover debts incurred by the company through CIS. Land holdings, agricultural lands, office spaces, and commercial properties in Madhya Pradesh, Odisha, and Maharashtra will be auctioned off. SEBI identified the highest bidder for purchasing SPCL properties.
Additional details regarding the refund procedure will shortly be made available to the public.
Speak Asia Online Pte Ltd. Refund Update: Latest News and Status
The Revel Credit Card offers online account management, credit-building tools, and access to credit for…
The final regular Social Security payment for June 2026 will be sent on June 24.…
Handling a 401(k) rollover isn't complicated, but perhaps making the prudent moves can help you…
There is a constant hunt among cybercriminals for ways to acquire card data and they…
Juneteenth 2026 will close banks, post offices, federal offices, and stock markets across the United…
Aldi is offering free $50 Blind Boxes filled with surprise groceries from June 22 to…