Collective Investment Schemes Division

M/s. Parasrampuria Plantations Ltd., Mumbai (PPL) was granted provisional registration by SEBI under the SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the Regulations) subject to, interalia, compliance of certain requirements of the Regulations. While granting provisional registration to PPL, it was made clear to PPL by SEBI that granting of provisional registration to it did not authorize PPL to raise money from the public under its schemes. PPL failed to comply with the requirements of the Regulations and its provisional registration expired on January 23, 2003. In view of this, SEBI vide its letter dated February 19, 2003 has intimated PPL that as an existing Collective Investment Scheme, PPL is now required to wind up its existing scheme(s) and make repayments to the investors in accordance with the Regulations and report compliance to SEBI.