Sebi slaps Rs 1 cr fine on Sumangal Industries, 9 others
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Sebi slaps Rs 1 cr fine on Sumangal Industries, 9 others

Markets regulator Sebi Friday slapped a penalty of Rs 1 crore on Sumangal Industries and nine individuals, including promoters and directors of the firm, for not complying with its directions to refund the money collected illegally from investors. The individuals are Subrata Adhikary, Sajal Bhattacharya, Indusekhar Chakraborty, Madhumita Adhikary, Somnath Adhikary, Gopal Chandra Adhikary, Sarbani Adhikary, Astick Kumar Roy and Debika Adhikary. The penalty has to be paid by the entities jointly and severally . According to a Sebi order, Sumangal had collected Rs 85 crore from investors through illegal collective investment schemes (CIS). The firm was running illegal potato purchase investment schemes promising up to 100 per cent gain in just 15 months to investors. In July 2013, the regulator had passed a ruling whereby the entities were directed to wind up the schemes and refund the money collected within a period of three months. They also had to submit a winding up and repayment ...

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