Bhubaneswar, Dec 10: In connection to the Real Tulip India Limited scam, its five directors who had been arrested in Kolkata, Tirtha Halder, Malay Kumar Guha, Dipankar Ghosh, Malay Halder and Prasenjit Sil, are to be bought here on a remand period by the CBI. On Feb 4, 2015 the CBI had raided the company’s office both here and in West Bengal. In June 2014, the Securities and exchange board of India (SEBI) had initiated inquiry against RTIL on charges of violating the Companies Act and on November 11, 2014 the SEBI strictly ordered the company to immediately refund the money to the investors but the company ignored the orders. On a later basis, the investors filed a complaint at the CBI office that the firm officials have escaped with the money closing the offices.
It’s stated that the company, RTIL had illegally acquired money of approximately Rs 22.47 lakh from around 191 investors thus offering them a high rate of interest under non-convertible debentures (NCDs). Debentures are long-term financial instruments which acknowledge a debt obligation towards the issuer. RTIL had made false claim of issuing debentures to depositors on a private placement offer for the period between Feb 5, 2015 and March 31, 2013. But according to the rule, a company can issue NCDs to a maximum of 49 investors on the private placement basis and if the figure exceeds 49 then the offer is called as a public offer.
Notably, RTIL was registered in Gwalior in Jan 2012. It’s alleged that the company has cheated investors to a tune of Rs 100 crore in Odisha and West Bengal. SEBI also found out that RTIL had violated the guidelines of listing itself before a recognized stock exchange and there is no record to show as to whether the RTIL has paid the money with interest to the investors or not.
