Prasad Corporation Ltd (SPCL) Refund News

Prasad Corporation Ltd (SPCL) Refund News

Sai Prasad Corporation Ltd (SPCL) has been found to raise money through collective investment schemes (CIS) without complying with the securities market norms. The company has illegally collected Rs. 137.12 crores during FY 2012-13 and Rs. 478.35 crores during 2013-14 through its subsidiary without obtaining a certificate of registration from the Securities and Exchange Board of India.

Earlier, SEBI ordered Sai Prasad Corp to refund Rs. 615 crores within three months from the date of the order passed. The capital markets regulator has also banned the firm and its directors Balasaheb K Bhapkar, Vandana B Bhapkar, and Shashank B Bhapkar from the securities market for four years. The directors have also been told to furnish details of their assets and properties, including bank accounts, Demat accounts, lockers, and holdings of shares.  

As per the reports, in November 2019, SEBI was to auction Sai Prasad Group’s 200 properties to recover dues raised by the company through CIS. The properties to go under auction includes land parcels, agricultural lands, office spaces, and commercial premises across Madhya Pradesh, Odisha, and Maharashtra. SEBI found the highest bidder to buy SPCL properties.

Further information regarding the refund process will be soon made available to the public.

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