sebi:CO/380/CIS/11/2002

SEBI · SEBI · 1997-12-18 · G.N. Bajpai, Chairman

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Facts / Headnote

Company, its promoters, directors, managers and persons in charge of the business of its scheme(s) debarred 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

s. 11B
s. 12

Regulations

Reg. 73(1)
Reg. 74
Reg. 73
Reg. 73(2)
Reg. 65
Reg. 5(1)
Reg. 30A

Parties

M/s Chotanagpur Herbal Agro Pvt. Limited, Rajgangpur (Orissa)
Shri Kiran Ajit Kujur
Dr (Mrs) Asha Kiran Kujur

Holding

The company was debarred, along with its promoters, directors, managers and persons in charge of the business of its scheme(s), from operating in and accessing the capital market for 5 years for failing to obtain registration under the SEBI (Collective Investment Schemes) Regulations, 1999 and failing to wind up its schemes and repay investors.

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 CHOTANAGPUR HERBAL AGRO PVT. LIMITED, RAJGANGPUR (ORISSA). M/s Chotanagpur Herbal Agro Pvt. Limited, Rajgangpur (Orissa) (hereinafter referred to as the company) filed certain information / details with SEBI regarding its collective investment schemes pursuant to SEBI’s Public Notice dated 18.12.1997. 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 Reg

Before taking any action pursuant to the non compliance of the statutory requirements the company was granted personal hearing on 08.07.2002 wherein it was directed to either make an application for the grant of registration under the said Regulations or refund the monies to all the investors within 30 days from the date of hearing. The company however, failed to comply with the said directions. Pursuant to the above, vide order dated 03.09.2002 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/380/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.