Mumbai, Nov. 30 (PTI): In one of its biggest crackdowns against a company that illegally raised nearly Rs 600 crore from over one lakh people, Sebi has ordered Calcutta-based NVD Solar to refund money to investors within three months.

It has also ordered payment of 15 per cent interest along with the refund amount, while barring NVD Solar and its directors from dealing and soliciting money in the capital markets for three years from the date of completion of the refund.

A probe by Sebi has found that NVD Solar had raised Rs 595 crore through the issuance of fresh equity shares to 1,09,480 entities, during 2012-13, without complying with the regulatory provisions applicable for a public issue.

The capital market regulator noted that as the issue by NVD Solar was made to 50 or more persons, the company was under a legal obligation to get listed on a stock exchange.

Among others, it was also mandatory for the company to bring out a prospectus with respect to the public issue.

“As NVD failed to make application for listing of its shares on any recognised stock exchange, NVD and its directors at the time of issuances of shares...are liable to refunding the amounts collected from subscribers of its shares issued to them along with interest at the rate of 15 per cent per annum,” Sebi said.

According to the order dated November 27, NVD Solar and its directors — Saibal Kumar Hazra, Subrata Kumar Mondal and Dipsekhar Mukherjee — have been asked “to jointly and severally” refund the entire amount of Rs 595 crore to the subscribers of its equity shares.