Since the company issued shares to more than 50 individuals, it was required to be listed on a recognised stock exchange, which the company neglected to do.
GreenTouch Projects Limited Refund Process: In December 2015, the capital market regulator determined that Greentouch Projects had illegally raised funds through the issuance of non-convertible redeemable debentures (NCDs) to approximately 20,549 individuals without complying with the public issue norms outlined in SEBI’s Issue and Listing of Debt Securities and the Companies Act 1956. Since the company issued shares to more than 50 individuals, it was required to be listed on a recognised stock exchange, which the company neglected to do.
Previously, SEBI ordered the company and its directors to refund the money collected from investors with an annual interest rate of 15%. In addition, these five entities are prohibited from the capital securities market for four years. The company’s directors claim to have already returned over Rs. 12 crores to its investors, but there are still a significant number of investors who have not received a single cent for their deposits. The alleged reimbursements have not yet been validated.
According to the most recent information, the recovery process against Greentouch Projects and its four directors Shyam Sundar Dey, Snehasish Sarkar, Sumon Sarkar, and Sujoy Sinha has commenced. The capital markets regulator SEBI has affixed fourteen Greentouch Projects-related properties to recover Rs. 56 crores in investor funds. The properties include West Bengal and Uttar Pradesh land parcels, sections, office spaces, and apartments.
Soon, additional details regarding the auction of the company’s properties and the start of the refund procedure will be made available.
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