Incorporated in March 1999, Togo Retail Marketing Limited (TRML) is a public company. In April 2013, it is noted that the company had allegedly been involved in the allotment of equity shares since 2004 without complying with the provisions of the Companies Act, 1956 and SEBI Act. The company had collected over Rs. 9.2 crore from at least 10,759 individuals through the issuance of Redeemable Cumulative Preference Shares (RCPS) during 2005-06, 2006-07, and 2009-10.
Upon investigation, the Securities and Exchange Board of India barred the company and 30 of its officials from accessing the securities market till further directions for illegally raising funds. SEBI has also directed the company to refund investors’ money which has not been done to date.
In further action, SEBI had also completed the process of attachment since the company has failed to repay its investors. District administration has now started preparation to auction the movable and immovable properties of Togo Retail Marketing to recover dues. The amount raised through the auction will be used to refund investors’ money.