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July 20, 2001
PR No. 115/2001
PRESS RELEASE
Securities and Exchange Board of India has launched criminal prosecution against Green Agro Products Ltd., Phenomenal Plantations Ltd., and Adventure Orchards Ltd., for their violations of SEBI (Collective Investment Schemes) Regulations, 1999. The said companies raised several crores of rupees from the investors under various schemes and failed neither to register the said schemes with SEBI nor to wind up the schemes and refund the amounts to the investors, despite several directions of SEBI to do so. The directors of the abovesaid companies are also prosecuted.
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