Capital market regulator Sebi has barred Sunshine Global Agro and its directors from mobilising funds from investors as well as from launching any new scheme.
Preliminary probe by the Securities and Exchange Board of India (Sebi) found that Sunshine Global Agro (formerly known as Sunshine Forestry Private Limited) was mobilising funds under its schemes "sale of Jhatropha Bush Group and sale of plant/trees".
This plan was in the nature of unauthorised 'Collective Investment Scheme (CIS)'.
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"...Prima facie view that Sunshine Global Agro is engaged in fund mobilising activity from the public, by floating /sponsoring/ launching 'collective investment scheme'... without obtaining a certificate of registration from Sebi as required under ...CIS Regulations," Sebi said in its yesterday's order.
Accordingly, Sebi has directed Sunshine Global Agro and its directors --Lekh Narayan Chand, Mokarram Mohammad, Mohammad Ahteshamul Haq, Anand Kumar Jha, Wasim Khan and Ashif Khan--not to collect any money from investors and not to launch any new scheme.
Besides, the company has been asked to immediately submit the full inventory of assets owned by it out of the amounts collected from the investors under the existing schemes.
The company and its directors have been also been barred from diverting the funds raised from the scheme as well as from disposing of any asset with respect to the plan.
The directions will take effect immediately and will be in force until further orders.
Sebi received a communication in December 2012 alleging illegal mobilisation of funds by Sunshine Global Agro through its short term unit plan and unit plan "Jathropha bush group plant sale" which appeared to be in the nature of CIS.
