M/s. Enbee Plantations Ltd., Bhopal (EPL)

The Company failed to make an application for grant of certificate of registration in terms of SEBI (Collective Investment Schemes) Regulations, 1999, it was required to compulsory wind up its schemes and repay its investors. Two show cause notices were issued by SEBI during the year 2000.

EPL filed a writ petition before the Hon’ble Madhya Pradesh High Court at Jabalpur challenging, interalia, the second show cause notice. The Hon’ble High Court vide its ex-parte interim Order dated 29/05/2000 restrained SEBI from taking coercive steps against EPL. SEBI filed its counter affidavit praying, interalia, for the dismissal of the writ petition and vacation of the ex-parte interim Order. Vide its Order dated 17/12/2002, the Hon’ble High Court of Madhya Pradesh vacated its interim Order.

Subsequent to the passing of the aforesaid Order by the Hon’ble High Court, in his Order, passed on February 14, 2003, Chairman, SEBI has directed M/s. Enbee Plantations Ltd., Bhopal to refund the money collected under its Collective Investment Schemes with returns which is due to investors as per the terms of the order within a period of one month from the date of the Order failing which the actions as permitted under SEBI Act, 1992 and SEBI (Collective Investment Schemes) Regulations, 1999 would be adopted.