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SEBI ISSUES SHOW CAUSE NOTICES TO 11 PLANTATION COMPANIES
Primary Market Department
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SEBI is in the process of framing the regulations for collective investment
schemes. It had been decided to undertake a special audit of 50 entities
which are operating collective investment schemes. Reputed chartered accountants
have been engaged for the purpose and their reports are being received.
This audit is expected to give an insight into the financial affairs of
these entities and the application of accounting principles by them.
Some of the entities have refused to cooperate in the process of audit
and SEBI is contemplating action against these entities including barring
them from accessing public funds and also, in appropriate cases, initiating
prosecution against them for non compliance with SEBI’s directions.
SEBI has issued Show cause notices to the following entities:
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Helios Plantation & Developers Ltd., Mumbai, Maharashta
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Arrow Global Agrotech Ltd., Mumbai, Maharashtra
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DSJ Agrotech Ltd., Mumbai, Maharashtra
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Vijetha Agro Farms India Ltd., Guntur, A.P.
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Pagoda Forests Ltd., Mumbai, Maharashtra
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Green Gold Horticulture Ltd., Mumbai, Maharashtra
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Surbhi Forests (INDIA) Ltd., Chandigarh
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Vasundhra Marin Products Ltd., Gorakhpur, U.P.
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SPG Green Gold Plantations Ltd., New Delhi
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Advantage Agro India Ltd., Lucknow, U.P.
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Young Farmers Forests Ltd., Chandigarh
These entities have been asked to explain why action should not be taken
against them for failure to cooperate with the auditors. On the basis of
the reply received from these entities and the reports of the auditors,
further action would be initiated.
SEBI is also in the process of identifying those entities which continue
to operate collective investment schemes without filing information with
SEBI. A public notice has been issued to caution the investors against
these entities. Members of the public have been advised to bring to the
notice of SEBI, the names of companies/persons who are collecting or mobilising
money from the public in contravention of the directions issued by SEBI,
so that appropriate action can be initiated against these entities.
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