PRESS RELEASE

M/s. Golden Trees Plantation Ltd., Ahmedabad (GTPL) mobilised funds from investors under the collective investment schemes but did not file any information with SEBI pursuant to the Press Release / Public Notice of SEBI of 1997. Further, GTPL neither applied for registration under the SEBI (Collective Investment Schemes) Regulations, 1999 nor took any steps for winding up of the schemes and make repayment to the investors in the manner provided under the aforesaid Regulations. Investor complaints were received by SEBI against GTPL regarding the non payment of their invested money or the assured returns.


In view of the same, in his Order passed on March 14, 2003, Chairman, SEBI has directed M/s. Golden Trees Plantations Ltd., Ahmedabad, an existing collective investment scheme, to wind up its existing schemes and refund the money collected under the schemes with returns which are due to the investors as per the terms of offer within a period of one month from the date of the Order failing which further actions would follow.