Incorporated in April 2007, Icore E Services Ltd. is listed in the class of public company and is classified as Non-Govt. Company. The company had raised at least Rs. 45 crore through the issuance of securities between 2007-2008 and 2010-2011. The securities were issued to more than 49 people, which required compulsory listing on a recognized exchange. However, the firm did not comply with the provision and also failed to register a prospectus with the Registrar of Companies under the Companies Act 1956.
In December 2017, SEBI ordered Icore E-Services Ltd. and its promoters and directors to jointly and severally refund the money with an interest at the rate of 15 percent per annum within three months. SEBI has also barred the company and its directors from the markets for at least four years. Till now there are investors who have not received any returns on their invested money.
The Calcutta high court has now directed the Justice S. P. Talukdar Committee to look into the matter and listen to the grievances of the investors. The committee has also been assigned the responsibility to take action in regard to the valuation of the assets and properties of the company. For now, the committee is awaiting the valuation of companies remaining properties. Upon which further necessary actions will be taken.
Information regarding the valuation of movable and immovable properties, public auction, and refund process will be made available soon to the depositors. For the latest news notices, investors can visit the official site of the Justice S. P. Talukdar Committee.