The regulator has also barred the entities from accessing the securities market and prohibited them from buying, selling or otherwise dealing in it, directly or indirectly, "till the directions for refund/repayment to investors are complied with... And for a further period of four years from the date of completion of the refund".
Also, the past and present directors and promoters have been restrained from holding position as directors or key managerial personnel of any listed company for a period of four years.
After identifying the schemes as collective investment schemes, which Sunplant Bio Energy Pvt Ltd (SBEPL) was running without securing approval from Sebi, the regulator had directed the entities not to collect any fresh money from investors for its existing schemes, among others, in the interim order.
In the fresh order, Sebi reiterated that the activities of the firm constitute CIS and they have been carried out without seeking a registration from Sebi, thereby contravening the CIS Regulations.
In case the entities fail to comply with Sebi's directives, the regulator would initiate recovery proceedings against them.
The seven past and present directors and promoters are Awdhesh Kumar Singh, Girija Shankar Kumar, Sumanta Sinha, Neeraj Pathak, Sunil Kumar Jha, Subir Gupta and Padmalochan Nayak.
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