Sebi has imposed a penalty of Rs 25 lakh on Bhubaneswar-based Real Vision International and its nine promoters and directors for not complying with the regulator's direction to refund the money collected illegally from investors.
Real Vision International Ltd (RVIL) had allotted redeemable preference shares to 11,832 investors during the financial years 2010-11, 2011-12 and 2012-13 and collected over Rs 21.18 crore without complying with the public issue requirements.
Through an order passed in December 2015, the Securities and Exchange Board of India (Sebi) had directed RVIL and its promoters and directors to refund the money collected by the company to the investors and after completion of repayments, the entities were required to file a report of completion of repayment with the regulator within a period of three months.
In a fresh ruling, dated May 28, Sebi said RVIL and its promoters and directors have "failed to comply" with the directions issued through the December 2015 order.
Noting that the entities are "liable for monetary penalty" for their failure to comply with the directions issued in December 2015, Sebi has imposed a total penalty of Rs 25 lakh on them.
The promoters and directors include Sudhir Kumar Behera, Ashok Pattnaik, Sidhartha Kumar Barik, Bidesi Behera, Devi Prasad Mohanty, Rashmi Ranjan Mohanty, Prasanna Kumar Nayak, Sukanta Biswal and Pabitra Kumar Rath.
