Sub: M/s. Save Earth Plantations Ltd., New Delhi(SEPL)- Order under section 11B of the SEBI Act, 1992 read with SEBI (Collective Investment Schemes) Regulations, 1999 passed by SEBI

M/s. Save Earth Plantations Ltd., New Delhi, whose application for registration under the provisions of SEBI (Collective Investment Schemes) Regulations, 1999 was earlier rejected by SEBI, failed to wind up its existing scheme(s) to repay the investors in the manner provided under the said Regulations. 

In view of the above, Chairman, SEBI passed an Order on July 8, 2003, directing SEPL to refund the money collected under the scheme(s) with returns due to the investors as per the terms of the offer within a period of one month from the date of the Order failing which the following actions would follow: 

Initiation of prosecution under section 24 of the SEBI Act,1992 against the entity / its concerned officials. 
The entity / its concerned officials would be debarred from operating in the capital market and from accessing the capital market for a period of 5 years. 
Reference would be made to the state government/local police to register civil/criminal cases against the entity /its concerned officials for apparent offences of fraud, cheating, criminal breach of trust and misappropriation of public funds. 
Reference would be made to the Department of Company Affairs to initiate the process of winding up of the entity.