Sebi on Wednesday barred 10 entities, including Indus Weir Industries, its directors from the securities market for three years for indulging in a fraudulent scheme of raising funds from investors by issuing preference shares without complying with the market norms. Further, Sebi directed Indus Weir Industries Ltd (IWIL), its managing directors, Prince Rana and Anuresh to jointly and severally refund the money collected through the issue of RPS to the allottees along with an interest of 8 per cent per annum within five months. Also, IWIL, Rana and Anuresh were restrained from accessing the capital market for three years till the date of refund of money to the allottees. In addition, Rana and Anuresh were barred by Sebi from associating themselves with any listed public company or any Sebi-registered intermediary for three years or till the date of refund of money to the allottees, whichever is later. In its investigation, Sebi found that IWIL had mobilised funds from a large set of
