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Regarding kwil a kolkata based co.....

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(Querist)
06 May 2012 A kolkata based co.named Kolkata weir Industries ltd.they are collecting money from public on RPS ( Redeemable pref. share).M
My Q is:- IS ANY SUCH CATEGORY OF CO CAN COLLECT MONEY FM PUBLIC W/OUt SEBI OR RBI PERMISSION?HW FAR THS CO IS GENUINE?PL GUIDE/ADVICE.THR R LOT OF PPL W8G 4 THS REPLY....

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Sachidanand Singh

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Sachidanand Singh (Expert)
07 May 2012 If it is a resident company issuing shares to resident Indians, RBI permission is not required. SEBI's clearance is required only if it is a "public issue". If a company makes an offer to less than fifty persons, it would not be public issue and teh company can raise monies by issuuing securities without obtaining SEBI's clearance first.
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