June 02, 2000
PR No. 221/2000
Scheme of Repayment to the investors by Enbee Plantations Ltd.
SEBI had issued a show cause notice dated 03.04.2000 and a Press Release dated 16th May 2000 against the company for its alleged violations of SEBI (CIS) Regulations. The main allegation against the company was that the repayment scheme framed by the company is not in conformity with CIS Regulations. It was also pointed out that though the company is not desirous of continuing with such schemes, it has not wound-up its scheme in terms of SEBI (CIS) Regulations.
The company was given personal hearing before the Chairman, SEBI on June 2, 2000.
During the course of personal hearing the representatives of the company informed that as per their repayment scheme, the investors would be repaid by redeeming the Optionally Convertible Debentures (ROCDs) of the requisite value. They further informed that the company had proposed this scheme to its investors and has received positive consent from almost 80% of the investors in this regard. It is repaying 25% of the debenture amount i.e. Rs. 40 crores, by June 30, 2000. The company has further submitted that this process has already commenced with the payment of Rs. 7 crores on June 1, 2000 itself and the remaining amount of Rs.33 crores would be repaid by June 30, 2000. These investors in CIS Schemes have got part of their due amount.
Further hearing before the Chairman to finally decide the matter will be held in September, 2000.