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Business News » India News

Sebi orders attachment of 2 properties of Sunshine Global Agro

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Updated: Mon, Jul 16, 2018
09:46 pm
PTI
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Markets regulator Sebi has ordered attachment of two properties of Sunshine Global Agro Ltd and its directors to recover an amount of Rs 21.49 crore in a case related to illegal fund raising. Among the two properties, one is located in Bihar and other in West Bengal, according to a Sebi order dated July 13.

Sebi also prohibited persons concerned from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties, which stands attached in execution of recovery certificate.

In October 2016, the Securities and Exchange Board of India(Sebi) had ordered attachment of bank and demat accounts of the company and its directors after it found that the firm was running Collective Investment Schemes(CIS) without obtaining necessary approvals from the regulator.

Sunshine Global Agro (formerly known as Sunshine Forestry Private Limited) was mobilising funds under its schemes of sale of Jatropha Bush Group and sale of plant/trees which was in nature of unauthorised CIS, Sebi had concluded in 2014.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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