GreenTouch Projects Limited Refund News

GreenTouch Projects Limited Refund News

In December 2015, the capital market regulator found that Greentouch Projects have illegally raised funds through the issuance of non-convertible redeemable debentures (NCDs) to about 20,549 individuals without complying with public issue norms stated under SEBI’s Issue and Listing of Debt Securities and the Companies Act 1956. Since the shares were issued by the company to more than 50 individuals, it requires mandatory listing on a recognized stock which the firm failed to do.

Earlier, SEBI ordered the company and its directors jointly and severally to refund the money collected from investors with an interest of 15% per annum. These five entities have also been restrained from the capital securities market for four years. The company directors’ have claimed to have already repaid an amount of over Rs. 12 crores to its investors, but there are still many who have not received a single penny against their deposits. The claimed repayments have yet to be verified.

As per the latest update, the recovery process has been started against Greentouch Projects and its four directors Shyam Sundar Dey, Snehasish Sarkar, Sumon Sarkar, and Sujoy Sinha. Capital markets regulator, SEBI has attached 14 properties related to Greentouch Projects to recover investors’ money worth Rs. 56 crores. The properties include land parcels, plots, office spaces, and flats located in West Bengal and Uttar Pradesh.  

Further information regarding the auction of the company’s properties and the initiation of the refund process will be available soon.

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