Thursday, July 18, 2013

Finance companies violating RBI, Sebi norms

GUMLA: The financial establishments here, which were sealed on Monday, were violating directives of the Reserve Bank of India and the Securities and Exchange Board of India (Sebi).

Local branch managers of Sai Prakash Properties Development, Sharaddha Realty India Ltd, BN Gold Real Estate and Allied Ltd, Arshdeep Finance Ltd and Sahaji Marketing Ltd in Gumla town failed to present any documents relating to RBI and Sebi, Gumla SDO Girija Shankar Prasad said in his report to DC Praveen Shankar.

The SDO said all these financial companies were functioning as banks without any basis for the same. "During the inquiry, it came to fore that these establishments have appointed many agents to lure innocent villagers by offering 10-15% commission to them and getting deposits by promising maturity amount as double or even more on them in a very short duration." Prasad said.

In Basia block headquarters and nearby Konbir, offices of Kolkata Ware Industries and Multinational Group of Companies were also sealed on Monday.

The SDO has recommended constitution of team to be led by a senior officer and consisting of a district account officer, a senior officer of any nationalized bank and a legal adviser to probe in detail into their activities and legality of their operations.

TNN Mar 27, 2013, 09.06AM IST

No comments:

Post a Comment