BALASORE: Securities and Exchange Board of India (SEBI) has issued separate notices to the managing director (MD) and directors of Green Ray International Limited (GRIL), a ponzi firm, asking them to appear before the financial regulatory authority on November 19.
A team of SEBI officials put up the notices at the houses of MD Mir Shahiruddin, directors Ayub Shah, Mir Tahiruddin in Shasanbad village and Khalik Shah in Panchughanta village under Jaleswar police limits on Wednesday. They have been asked to appear at the SEBI office at Mumbai.
While GRIL’s registered office was located at Jaleswar, it was operating from its corporate office at Delhi. If the MD and directors fail to appear in person or through representatives on the date, then inquiry will be conducted ex-parte and the matter decided on the basis of documents available on record, the notice read.
The ponzi company, which is accused of mobilising more than `2,000 crore from 14 States including over `700 crore alone from Odisha, had failed to comply with direction issued by SEBI earlier. The company is alleged to have transferred a huge amount to Dubai and Nigeria through Hawala brokers.
So far, while 13 cases have been registered against the company in Odisha and five in Chhattisgarh, Ayub Shah was arrested from Ajmer in Rajasthan by the Special Investigation Team (SIT) of Chhattisgarh on October 12. Company MD and other directors are still at large.