Press Release

1. M/s. Emerald Green Forest Ltd., Chennai
2. M/s. VGP Agro Farms Pvt. Ltd., Chennai
3. M/s. VGP Evergreen Plantations Ltd., Chennai

The aforesaid 3 Collective Investment Scheme (CIS) entities whose applications for registration under the provisions of SEBI (Collective Investment Schemes) Regulations was earlier rejected by SEBI, failed to wind up their existing scheme(s) to repay the investors in the manner provided under SEBI (Collective Investment Schemes) Regulations, 1999.
 
In view of the above, in his Orders passed on August 31, 2002, Chairman, SEBI directed these 3 CIS entities to refund the money collected under the scheme(s) with returns which is 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:

1. Initiation of prosecution under section 24 of SEBI Act,1992.

2. The entities and their concerned officials would be debarred from operating in the capital market for a period of 5 years.

3. Reference would be made to the state governments/local police to register civil/criminal cases against the entities/their concerned officials for the offences of fraud, cheating, criminal breach of trust and misappropriation of public funds.

4. Reference would be made to the Department of Company Affairs to initiate the process of winding up of the entities.