Cracking down on unauthorised money pooling schemes, Sebi today restricted two companies -- Wisdom Agro Tech India and Kalpbut Real Estate -- as well as their directors from raising funds from public investors.
Initial probe by Sebi found that Wisdom Agro Tech had solicited crores of rupees from more than 5,000 investors in Tamil Nadu under its scheme related to sale and purchase of agricultural land without requisite certification from the capital market regulator.
Similarly, Kalpbut Real Estate had mobilised more than Rs 15 crore from over 2,338 investors under its 'collective investment scheme' related to plots of land, without approval.
Noting that the two firms and their directors had to be prevented from illegally raising funds from public, Sebi said it had "no other alternative but to take recourse to an interim order" for preventing them from further carrying out fund mobilising activities.
Accordingly, in two separate interim orders today, the regulator has asked the firms and their directors "not to collect any fresh money from investors under its existing schemes" as well as "not to launch any new schemes or plans or float any new companies to raise fresh money."
They also have "to immediately submit the full inventory of the assets, including land obtained through money raised."
Besides, the company and its directors have been barred from disposing of or alienating any of the properties or assets owned or acquired through the money raised.
Further, they cannot "divert any fund raised from public at large which are kept in bank account(s)and/or in the custody", Sebi said.
The regulator has also asked the companies and its directors to file their reply in the matter within 21 days from the date of receipt of interim orders.
