SEBI Bars 4 Firms From Selling Assets

Securities and Exchange Board of India has prohibited four companies from selling various immovable and movable properties as part of its efforts to recover dues totalling over Rs 1,200 crore.

The companies are Mega Mould India, Promotech Infratech, Megasys Medi life and Mangalam Agro Products.

After finding that the companies and their directors illegally raised funds from the public, the SEBI  had earlier asked them to refund the money to investors.

While Mega Mould India owes Rs 888 crore to Sebi, an amount of Rs 331.77 crore, 11 crore and Rs 52.79 lakhs is to be recovered from Promotech Infratech, Mangalam Agro Products and Megasys Medi life, respectively.