The Calcutta High Court Thursday directed the Central Bureau of Investigation (CBI) to probe the functioning of Mangalam Agro Products Ltd (MAPL) following allegations that it was unauthorisedly raising money from the public.
Hearing a petition by investors of the company seeking refund, Justice N. Patherya also issued injunction on the company making any financial transactions.
"Besides issuing an injunction on the assets of the company barring it from making any financial transactions, the court directed the CBI to investigate all affairs of the company and its functioning, details about its investors, debenture holders etc," said the petitioners' counsel Asim Chatterjee.
Chatterjee said a notice will be sent to the central agency, which is also investigating the Saradha chit fund scam, informing it about the court's order.
The Securities and Exchange Board of India (Sebi) May 30 had prohibited MAPL and its directors from issuing prospectus or any offer document for soliciting money from the public for the issue of securities.
