October 28, 2010
PR No. 234/2010
Order in the matter of Sun-Plant Agro Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated October 21, 2010 in the matter of Sun-Plant Agro Limited directing the company:
- not to collect any money from investors or to launch any scheme;
- not to dispose of any of the properties or alienate the assets of the scheme;
- not to divert any fund raised from public at large kept in bank account and/or at the custody of the Company
The directions have taken effect immediately.
Sun-Plant Agro Ltd. was raising funds in the name of sale of plants. It allegedly sold plants to purchasers, maintained the plants and thereafter provided returns on the amounts invested at the end of the scheme in the form of wood, even though no identity or marking of the particular plant, which is sold was provided to purchasers. These activities of the company carry the features of a Collective Investment Scheme (CIS), specified under Section 11AA of the SEBI Act read with Regulation 3 of the SEBI (CIS) Regulations. The company ought to have wound up the scheme in 2003 pursuant to rejection of the application for provisional registration by SEBI and the filing of Winding Up and Repayment Report by the company. However, the said activities of the company and the details of amount received by it against cost of trees over the period 2003 upto 2010 prima facie indicate that even after submission of Winding Up and Repayment Report in 2003, the company has been carrying out activities of a CIS without obtaining a Certificate of Registration from
October 28, 2010
For full copy of order against AWDESH KUMAR SINGH, click here.
For full copy of order against GIRIJA SHANKAR KUMAR, click here.
For full copy of order against SANT KUMAR, click here.
For full copy of order against SUNPLANT AGRO LTD., click here.