Weird Infrastructure Corporation Limited Refund News

Weird Infrastructure Corporation Limited Refund News

Weird Infrastructure Corporation limited is a real estate and renting company incorporated in June 2010. Based in Lucknow, the company had raised over Rs. 16 crores from investors via issuance of non-convertible debentures (NCDs) without complying with the public issue norms stipulated under the Companies Act 1956.

In 2015, the Securities and Exchange Board of India ordered Weird Infrastructure Corporation and its promoters and directors to refund the money, which it had illegally raised from the investors with a 15 percent interest annually.

The company also proposed a “Scheme of Proposal for Refund” to return refund claims by June 15, 2020. However, it was found that during the said timeline no seriousness was shown in repayment to the investors and there are still many individuals who have not received returns against their deposits.

Years after the order had been passed the company has not yet repaid its investors. So, now the capital markets regulator has initiated the recovery proceedings against the defaulters by attaching the company’s assets.  

As per the latest updates, SEBI has ordered the attachment of 30 land parcels of Weird Infra and its directors to recover dues. All the properties listed whether movable or immovable are located in West Bengal. Further information regarding the auction and initiation of the refund process will be made available soon to the investors.

See also  Micro Finance limited Refund news

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