sebi:CO/378/CIS/11/2002

SEBI · SEBI · 1999-12-29 · G.N. Bajpai, Chairman

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Debarred the company, its promoters, directors, managers and persons in charge of the business of its scheme(s) from operating in the capital market and from accessing the capital market for a period of 5 years from the date of the Order.

Provisions invoked

Regulations

Parties

Holding

The company was found to have violated Section 12(1B) of the SEBI Act, 1992 read with Regulations 5(1), 68(1), 68(2), 73 and 74 of the SEBI (Collective Investment Schemes) Regulations, 1999, and was debarred from operating in and accessing the capital market for 5 years along with its promoters, directors, managers and persons in charge of its scheme(s).

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT, 1992 READ WITH REGULATIONS 65 AND 73 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 1999 IN THE MATTER OF M/S INTEGRATED AGRO FARMS AND EXPORTS LIMITED, BHABUA (BIHAR). M/s Integrated Agro Farms and Exports Limited, Bhabua (Bihar) (hereinafter referred to as the company) filed certain information / details with SEBI regarding its collective investment schemes pursuant to our letter dated May 11, 1998. Pursuant to the notification of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the said Regulations) on 15.10.1999 any person who has been operating a Collective Investment Scheme at the time of the commencement of the said Regulations was required to make an application to SEBI for the grant of registration under the provisions of the Regulations, within a period of two months from the date of notification of the Regulations. Having regard to the interest of the investors and the requests received from various entities SEBI extended the last date of submitting application by existing entities running Collective Investment Schemes up to 31.03.2000 and the same was intimated to all concerned including the company herein by way of Press Release and Public Notice. The company, however, did not apply for registration as provided under the Regulations even within the extended period with SEBI. In terms of Regulation

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Before taking any action pursuant to the non compliance of the statutory requirements the company was granted personal hearings on 18.12.2000, 30.08.2001 and 08.07.2002 however the company neither attended any of the personal hearings nor complied with the provisions of the said Regulations. Pursuant to the above, vide order dated 05.08.2002 passed under Section 11B of the SEBI Act read with Regulations 65, 73 and 74 of the said Regulations the company, having failed to obtain registration and also having failed to wind up its existing collective investment scheme(s) and make repayment to its investors in accordance with the provisions of the said Regulations, was directed to refund the money collected under the scheme(s) with returns which is due to the investors as per the terms of the offer within a period of one month from the date of the order or to face various actions mentioned in the aforesaid

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Source: SecMarx — sebi:CO/378/CIS/11/2002. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.