it was a public offering requiring mandatory listing on a recognised stock exchange
Falkon Industries India Limited Refund News 2023: In 2009-2010, Falkon Industries raised Rs 48.58 crore through the issuance of redeemable preference shares (RPS) to approximately 714 individuals. Since the company issued shares to more than 50 individuals, it was a public offering requiring mandatory listing on a recognised stock exchange, which the company neglected to do. In addition, the company was required to file a prospectus, which they did not do.
SEBI, the capital markets regulator, ordered Falkon Industries India Ltd (FIIL) and its directors to refund the fraudulently raised funds from investors with an annual interest rate of 15 percent. In addition, the Securities and Exchange Board of India has prohibited the company and its directors from accessing the capital markets for four years, beginning on the date the refund was issued.
The Securities and Exchange Board of India (SEBI) demanded that Falkon Industries provide a comprehensive list of their assets and properties, as well as bank details, Demat accounts, and shares/securities held.
Falkon Industries India Ltd. is still under investigation at this time. When the designated authorities take additional action, additional information will be made available to investors.
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