Press Release

On rejection of its application for the grant of registration by SEBI under the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the Regulations), M/s. Shivaji Estate Livestock and Farms Pvt. Ltd., Nagpur (hereinafter referred to as the company ) was directed by SEBI to wind up its scheme(s) to repay investors in accordance with the Regulations and report compliance in the format specified by SEBI. From the report submitted by the company, it was observed that it has not repaid to all the investors in accordance with the Regulations and has violated the provisions of the SEBI Act and the Regulations.


In view of the above, Chairman, SEBI passed an Order on October 11, 2002, directing the company to refund the money collected under its schemes with returns which is due to the investors as per the terms of the offer, to all the investors who have not given the positive consent to continue with the schemes, within a period of one month from the date of the Order and submit the "Winding Up and Repayment Report" to SEBI, within 15 days.



If the company fails to comply with the directions as contained in the aforesaid Order, the following actions, depending on the compliance, would be considered:

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

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

3. Reference would be made to the state government/ local police to register civil/criminal cases against the company for the offences of fraud, cheating, criminal breach of trust and mis-appropriation of public funds.

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