 "Sebi")
Sebi has directed Big Em Estates & Infrastructures Ltd as well as its promoters and directors to refund more than Rs 73 lakh and also barred them from the securities market for running an unauthorised investment scheme under the garb of tree plantation business.
The entities have also been prohibited from selling their assets and holdings in mutual funds, shares and securities.
Sebi said that Big Em was running Collective Investment Scheme (CIS) without obtaining the requisite approval from it.
The firm, while running the scheme under the garb of tree plantation business, collected Rs 73.65 lakh from 629 investors during 2016-2017, according to an order passed on Wednesday.
Securities and Exchange Board of India (Sebi) conducted an investigation following several complaints, alleging that the company was mobilising money from investors by persuading people to invest in teak plantation.
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In the order, the regulator directed Big Em, its promoters and directors to wind up the CIS and refund Rs 73.66 lakh collected from investors along with an interest at the rate of 10 per cent per annum.
According to the order, the entities have also been barred from the securities market for three years or till the expiry of three years from the date of completion of refunds to investors, whichever is later.
However, the regulator clarified that the period of debarment already undergone following an interim order in February 2021 will be adjusted from three years.
Through its interim order in February last year, Sebi had prohibited the entities from accessing the securities markets.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
