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October 03, 2002
PR No. 200/2002
Action by SEBI against erring CIS entities
SEBI had issued Orders directing certain Collective Investment Scheme (CIS) entities to refund the money collected under the scheme(s) with returns due to the investors as per the terms of the offer within one month from the date of the Order.These Orders were issued to them as they had failed to wind up their schemes to repay their investors in accordance with the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999. However, certain CIS entities have failed to comply with the said Order of SEBI. In view of this, SEBI has taken/is taking actions such as initiating prosecution against the erring entities and their directors and debarring/prohibiting the entities and their concerned officials from operating in the capital market and/or from accessing the capital market for a period of 5 years. Apart from initiating action at its own end as above, in the interest of the investors, SEBI has also requested the Department of Company Affairs (DCA) to initiate winding up of the erring entities and the concerned State Governments to initiate civil/criminal proceedings against the erring entities.
As a further step towards fulfilling its mandate of protecting the interest of the investors, SEBI has now requested police authorities regarding filing of First Information Reports (FIRs) against the following CIS entities and their concerned officials for committing interalia the offences of criminal breach of trust, cheating, criminal conspiracy etc. against their investors in CIS, punishable under the Indian Penal Code. SEBI has requested the police to take strict action as per law, against these entities and their concerned officials including attachment of their properties:-
1. ACE Agro Products Ltd., Mumbai
2. Adventure Orchards Ltd., Raigad
(Maharashtra)
3. Agrarian Fields & Forests Ltd., Dehradun
4. Agriotech India Ltd.,Delhi
5. Agrogold Plantation & Resorts Ltd., New Delhi
6. Alpine Agro Industries Ltd.,Nainital
7. Assured Agro Park Ltd., New Delhi
8.Crystal Biotech Industries Ltd., Nainital
9.Endowment Plantations Ltd., Chandigarh
10.Four Season Farms Ltd., Mumbai
11.Galaxy Forest India Ltd., Varanasi
(U.P.)
12.Goldenland Development India Ltd., Chandigarh
13.Golden Projects Ltd., Patiala (Punjab)
14.Green Agro Products Ltd., Mumbai
15.Green Gold Horticulture Ltd., Mumbai
16.Greenways Projects Ltd., New Delhi
17.Grindlay Forestry (India) Ltd., Amritsar
18.Growgreen Forests (India) Ltd., Chandigarh
19.Helios Plantation & Developers Ltd., Patna
20.Hindustan Forestry & Agro Development Ltd., New Delhi
21.Kislay Plantation Ltd., New Delhi
22.Kuber Planters Ltd., New Delhi
23.Mahakaushal Plantation Ltd., Bhopal
24.Maxworth Orchards (I) Ltd.,Chennai
25.Mehna Plantations Ltd.,Mangalore
26.Neelgiri Forests Ltd., Panchkula
(Haryana)
27.Nisarga Forests (I) Ltd., Thane
28.Okara Agro Industries Ltd., New Delhi
29.Okara Leasing & Investments Ltd., Delhi
30.PNG Agro Finvest Ltd., Delhi
31. Pagoda Forests Ltd., Mumbai
32. Perutek Services Ltd., New Delhi
33. Rapti Agro Industries Ltd., Lucknow
34. Southern Horticulture and Rubber Plantation Ltd., Mumbai
35. Sterling Tree Magnum (I) Ltd., Chennai
36. Suman Motels Ltd., Mumbai
37. Surbhi Agrotech Ltd., Chandigarh
38. Surbhi Forests (India) Ltd., Chandigarh
39. Swarnbhumi Forests (India) Ltd., Chandigarh
40. Symphony Farm & Forests Ltd., Indore
41. Timberworld Resorts And Plantation India Ltd., New Delhi
42. United Agrogrowth & Resorts Ltd., Jaipur
43. Veerbhumi Plantation India Ltd., Chandigarh
44. Versatile Plantations Ltd., NOIDA (U.P.)
The following CIS entities in the case of which liquidators/administrators/receivers have been appointed by Hon’ble Courts, SEBI has requested the police regarding filing of FIRs to take action against the concerned officials of these entities:-
1.Anubhav Plantations Ltd., Chennai
2.Arrow Global Agrotech Ltd., Mumbai
3.Golden Forest India Ltd, Chandigarh
4.Libra Plantation Ltd., Mumbai
5.Sphere Agrotech Ltd. (Formerly DSJ Agrotech Ltd.), Bangalore
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