SAT to hear Alchemist Capital matter on September 29

Securities Appellate Tribunal (SAT) on Monday admitted Alchemist Capital's plea challenging regulator Sebi's order to refund money it had raised from investors.

The tribunal would hear the matter on September 29.

Sebi, in an order passed earlier in August, had directed Alchemist Capital to repay the money it had raised from investors, along with a 15% interest annually.

Besides, the company and its present and past directors, including K D Singh have been barred from securities markets for four years.

Aggrieved by the Sebi ruling, Alchemist Capital had filed an appeal before the tribunal.

The company had allegedly raised Rs 165 crore from over 28,000 investors.

The issue was made to more than 50 people which under the rules made it a 'public issue' of debt securities requiring compulsory listing on a recognised stock exchange.

It was also required to file a prospectus, which it failed to do.