Incorporated in June 2010, Weird Infrastructure Corporation limited is a real estate and rental company. The Lucknow-based company issued non-convertible debentures (NCDs) to investors to raise more than Rs. 16 crores without adhering to the Companies Act of 1956’s public issue regulations.
In 2015, the Securities and Exchange Board of India ordered Weird Infrastructure Corporation and its promoters and directors to return the funds illegally raised from investors with an annual interest rate of 15 percent.
In addition, the company proposed a “Refund Proposal Scheme” to return refund claims by June 15, 2020. However, it was discovered that during the aforementioned time period, no effort was made to repay investors, and many individuals still have not received returns on their deposits.
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The company has not yet repaid its investors years after the order had been issued. The capital markets regulator has commenced recovery proceedings against the defaulters by seizing the company’s assets.
According to the most recent information, SEBI has ordered the attachment of 30 land parcels belonging to Weird Infra and its directors in order to recover debts. All the listed properties, both movable and immovable, are situated in West Bengal. Investors will soon have access to additional details regarding the auction and the beginning of the refund procedure.