The Securities and Exchange Board of India orders the former directors and promoters of Micro Finance to return illegally raised investor funds.
Micro Finance Limited, an Odisha-based company, raised over Rs. 88 crores from 2005-06 to 2012-13 by issuing cumulative convertible preference shares (CCPS) to over 1.21 million investors.
The Securities and Exchange Board of India orders the former directors and promoters of Micro Finance to return illegally raised investor funds. In addition, the company is prohibited from accessing the securities market for a period of four years following the completion of refunds.
Weird Infrastructure Corporation Limited Refund Status
Since the company had not repaid its investors, the Directorate of Enforcement (ED) issued an order to seize the company’s movable and immovable assets in order to collect delinquent payments. Individuals who have invested in Micro Finance Ltd. and are seeking information can file a complaint by visiting a SEBI office or by using the SEBI website.
The investigation into Micro Finance Limited and others is still ongoing. The public will soon have access to additional details regarding the auction of companies’ assets and properties and the refund procedure.
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