It has come to notice that Amrit Projects Ltd (APL) violated public issue norms. The company had raised Rs. 2.57 crore from around 2200 investors through the issuance of deep discount bonds such as infra bonds and power bonds between 2007-08 and 2012-13. The capital market regulator, SEBI found that APL failed to list on a recognized stock exchange.
In 2018, SEBI bars Amrit Projects and its directors/promoters (Kailash Chand Dujari, Kali Kishore Bagchi, Nishant Prakash, Debdas Chatterjee, and Sudha Dujari) from accessing the securities market for four years from the date of effecting the refund.
The Securities and Exchange Board of India has also ordered the company to cease all its activities to mobilize fresh funds from investors through the offer of any securities in any manner, either directly or indirectly. APL and its managing director Kailash Chand Dujari have been asked to jointly and severally refund the money of depositors with an interest of 15 percent per annum. The market regulator has asked the company and its directors to effect the refund process only through Bank Demand Draft or Pay Order.
The government has initiated the refund process of many chit fund companies. Individuals who have invested their money in APL can register a complaint with their respective district magistrate to get a refund. Individuals can also file their complaints through SEBI online portal or by visiting their offices.
