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Shah Grp Builders case: Sebi initiates refund process; asks investors to submit bank details


Markets limiter Sebi on Thursday opened up the refund process with regard to investors of Shah Team Builders and asked these individuals to submit bank details as well as other documents by Sept 18.

The case pertain to raising money with the issuance of shares to more than 1,500 men and women between July-November 2008 with out complying with the regulatory procedures applicable for a public concern.

“Since the defaulters (the company and its directors) have formerly refunded an amount of Rs 2.97 crore, it has been made a decision to initiate the process of refund of the remaining amount to the eligible shareholders,” Sebi said in a detect.

Further, more than 600 a candidate shareholders have been asked to submit bank account details and other specified documents by way of email to the company having a copy marked to Sebi by September 18 with regard to receipt of refund within the bank accounts, it extra.

Securities and Exchange Panel of India (Sebi), throughout October 2016, ordered addition of assets of Shah Group Builders and its administrators to recover dues totalling Rs 3.62 crore after they failed to refund the investors money like directed by it.

During typically the pendency of typically the proceedings, the defaulters refunded an amount of Rs 2.97 crore. In addition, Sebi recovered over Rs 6 crore through the healing period proceedings initiated by it throughout 2016.

In July 2015, Sebi had directed typically the firm and its promoters or maybe directors to “refund/repay typically the money to the beat of Rs 6.16 crore collected pursuant to the allotment of gives you by Shah Group Builders during July-November 2008 to allottees along with interest with the rate of 15 percent per annum from the date regarding receipt of money from till the date regarding such refund within one particular year”.

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