In April 2013, it was reported that the company had purportedly issued equity shares without complying with the provisions of the Companies Act
Togo Retail Marketing Refund Update: Togo Retail Marketing Limited (TRML), founded in March 1999, is a public corporation. In April 2013, it was reported that the company had purportedly issued equity shares without complying with the provisions of the Companies Act of 1956 and the SEBI Act since 2004. During 2005-06, 2006-07, and 2009-10, the company issued Redeemable Cumulative Preference Shares (RCPS) to at least 10,759 investors who collectively contributed more than Rs. 9.2 crore.
For unlawfully raising funds, the Securities and Exchange Board of India barred the company and 30 of its officials from accessing the securities market until further notice. In addition, SEBI has ordered the company to refund investor funds, which has not yet occurred.
Since the company had failed to repay its investors, SEBI had also concluded the process of attachment. To collect delinquent payments, district administration has initiated preparations to auction the movable and immovable assets of Togo Retail Marketing. The proceeds from the auction will be used to reimburse investors’ funds.
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