May
10, 2011
PR No. 067/2011
Order against M/s Sun-Plant Agro Limited
SEBI had passed an interim ex-parte order on October 21, 2010 against M/s Sun-Plant Agro Limited directing them not to collect any money from investors or to launch any scheme or not to dispose of any of the properties or delineate assets of the scheme or not to divert any fund raised from public at large kept in bank account and/or at the custody of the company, till further directions in this regard.
Shri Prashant Saran, Whole Time Member, SEBI has now passed an order on May 3, 2011 against the aforesaid entity, confirming the directions passed ad interim ex-parte Order dated October 21, 2010 and further directing the company to wind up its existing collective scheme(s) and refund the money collected by it under the scheme(s) with returns which are due to the investors as per the terms of the offer in the manner specified in Regulation 73 of the CIS regulations, within three months from the date of this Order., failing which the following actions would follow:
| i) |
Initiation of prosecution proceedings, under section 24 of the Securities and Exchange Board of India Act, 1992, against the company/its promoters/directors/managers / persons in charge of the business of its scheme(s), |
| ii) |
Debarring the company/its promoters/directors/managers / persons in charge of the business of its scheme(s) from operating in the capital market and accessing the capital market for a period of five years, |
| iii) |
Making reference to the state government / local police to register civil / criminal cases against the company and its promoters/directors for apparent offences of fraud, cheating, criminal breach of trust and misappropriation of public funds, and |
| iv) |
Making a reference to the Ministry of Corporate Affairs, to initiate the process of winding up of the company. |
The SEBI order dated May 3, 2011 has further stated that for the specific purposes of the repayment/refund of the moneys to the investors as directed above, those directions as mentioned in the ex-parte Order dated October 21, 2010 in as much as it relates to disposal of properties of the scheme, the operation of the Order is modified to allow Sun Plant to meet the liabilities of the refunds to the investors in accordance with these directions.
Mumbai
May 10, 2011
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