Sebi is taking steps to sell the assets of the offending companies based on the Calcutta High Court verdict. The court also appointed Justice Shailendra Prasad Talukdar as a single-member committee to oversee the recovery of extorted money from investors and the sale of assets of the companies. These measures are part of SEBI’s efforts to recover investors’ money.
Companies facing action
Vibgeor Group of Companies, Pylan Group of Companies, Kolkata Wire Industries, Tower Infotech Group, GBC Industrial Corp Group, Teachers Welfare Credit and Holding Group, Hahnemann Herbal Group and Annex Infrastructure India Limited are the eight companies facing recovery proceedings.
Eight companies face disciplinary action for illegally raising money from public investors. Of these, Vibgeor Allied Infrastructure raised Rs 61.76 crore through convertible debentures in 2009 and Hahnemann Herbals raised Rs 23.18 crore from the public in 2008-09 and 2012-13 through redeemable preference shares.
Five of the 16 properties up for sale belong to Vibgeor Group. Three are owned by Tower Infotech, two each by Pylan Group and GBC Industrial Co. One property each of Kolkata Wire Industries, Teachers Welfare Credit and Holding Group, Hahnemann Herbal Group and Annex Infrastructure India Limited has been auctioned.