SEBI bars Kolkata-based I-Core from raising public funds

Kolkata/Mumbai, March 17 (IANS) Market regulator SEBI on Monday ordered Kolkata based I-Core E-Services (ICES) and its promoters not to raise funds through issuance of securities besides restricting it from the capital markets.

The Securities Exchange Board of India (SEBI), in its interim order, said: "It is alleged that the company was engaged in fund mobilising activity through issue of equity shares to more than 49 persons without complying with the various provisions of the Companies Act, 1956 and SEBI DIP Guidelines, 2000."

The firm is already under the scanner from Serious Fraud Investigation Office.

The company had allegedly collected funds to the tune of Rs 45.74 crore during 2009-2010.

The interim order passed Monday also prevented the firm to "issue prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities".

In July last year, the SEBI had barred ICES from mobilising money by issuing securities and had also restricted the firm and its directors from the capital market till further directions were issued.