Ramel Industries Limited Refund News  

Ramel Industries Limited Refund News  

Ramel Industries Ltd. had raised money from the public through the issuance of optionally fully convertible debentures (OFCDs) and had not filed any prospectus with regard to the same with the Securities and Exchange Board of India (SEBI). The company had been accused of allegedly soliciting nearly Rs. 60 crores from 31,582 investors between 2009 and 2012.

The companies have illegally mobilized funds from the public. In 2014, market regulator SEBI directed the company and its directors Rameswar Podder, Sukanta Deb, Partha Das, and Remendra Mohan Sarkar to refund the money due to depositors within three months with an interest of 15 percent. SEBI has also ordered the company to wind up the existing Collective Investment Scheme (CIS).

The company is liable for the non-payment of maturity to its depositors. In May 2013, Rameswar Podder, the managing director of the company made an announcement that all liabilities will be clear within 100 days from the date of the declaration made. But still, some investors have not got a single penny against their deposits.

In July 2017, market regulator SEBI imposed a penalty of Rs. 2 crores on the entity and its four directors for not complying with a directive of refunding investors’ money.

As per the latest update, earlier this year, SEBI has now decided to auction the assets and properties of Ramel Industries Ltd. for a total price of Rs. 19 crores to recover depositors’ money and initiate the refund process. The properties to be under auction included plot parcels, agricultural land, office premises, flats, godowns, etc. The auction took place online and all the properties were sold with the existing and future impediments. Information regarding the refund process will be made available soon.

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