M/s. Avani Plantations Ltd., Thane (APL) and M/s. Ion Exchange Enviro Farms Ltd, Mumbai (IEL)

APL and IEL have failed to wind up their schemes and repay their investors in the manner provided under the SEBI (Collective Investment Schemes) Regulations, 1999, despite intimation from SEBI.

In view of the above, SEBI has passed Orders on November 27, 2003 directing APL and IEL to refund the money collected under the schemes with returns to the investors within a period of one month from the date of the Orders failing which the following actions would follow:

1. Initiation of prosecution proceedings under section 24 of the SEBI Act, 1992 against the companies/their concerned officials.

2. Debarring the companies /their concerned officials from dealing in securities and accessing the capital market for a period of 5 years.

3. Writing to the State Government/local police to register civil/criminal cases against the companies and their concerned
   officials.

4. Writing to the Department of Company Affairs to initiate the process of winding up of the companies.