The company invested the investors' funds in additional business assets, fixed deposits, and agent commissions.
Basil International Ltd Refund News: Basil International Ltd (BIL) is a Kolkata-based organisation that unlawfully issued redeemable preference shares (RPS) to investors in violation of the Companies Act of 1956. The company is accused of defrauding depositors of over 1,700 billion rupees by promising them returns varying from 11 to 14 per cent. The company invested the investors’ funds in additional business assets, fixed deposits, and agent commissions.
In May 2013, the market regulator SEBI instructed the company and its directors not to collect any funds from investors after discovering that the company had illegally collected approximately Rs. 92 crores from multiple investors between April 2011 and March 2012. Following this, in February 2015, the capital markets regulator ordered the company to refund investors’ funds and the promised returns. However, the organisation did not comply with the instruction. Until further notice, SEBI had prohibited the company and its directors from accessing the securities market.
Basil International Ltd and three others were fined over Rs 1 crore by the Securities and Exchange Board of India (SEBI) in May 2019 for neglecting to return investor funds. In addition to the Rs 1 crore punishment, Rs 10 lakh were imposed on the former director, the two current directors, and the company. In addition, a total fine of 14 lakh was imposed on the company’s two founders.
Ms. Rachna Anand has been appointed by SEBI as the case’s adjudicating officer for further investigation. According to the most recent information, the Enforcement Directorate (ED) has seized Rs. 200 crores in company assets and Rs. 1.77 crores from BIL’s bank accounts in order to repay investors.
Securities and Exchange Board of India (SEBI) has initiated the recovery procedure. The case is currently pending and is being overseen by a single judge (Justice S.P. Talukdar). In addition, the sale of the company’s properties is ongoing. After the transaction has concluded, additional information will be made available.
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