Securities and Exchange Board of India: In the order passed by G. Mahaloingam (Whole Time Member) in continuation of the order dated 29-5-2016, it has been directed that Anmol India Agro-Herbal Farming and Dairies Care Company Ltd. and its directors shall repay the due amounts within a maximum period of two months from the date of this order.
In its earlier order SEBI had found the Company and its directors liable for violating Section 12(1B) of the Securities and Exchange Board of India Act, 1992 (“the SEBI Act”), Regulation 3 of the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 (“the CIS Regulations”) and Regulation 4(2)(t) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practice Relating to Securities Market) Regulations, 2003 (“the PFUTP Regulations”).
The Board observed that the Company did admit having mobilized Rs 141.44 crores and also it claims to have refunded an amount of Rs 103.12 crores, without giving regard to the returns that are owed to the investors along with the refund of their investments. It was further observed that the Company had also not submitted a certificate from a Chartered Accountant as directed in the final order for refunds made to its investors. The Company’s latest alternate proposal of selling its agricultural and non-agricultural lands or by transferring its immovable properties of adequate value to its customers individually or in groups in lieu of the amounts to be refunded and also to repay the investors by such abovesaid proposal did not appear genuine to the Board and thus was held ‘not feasible’ by the Board. [In the matter of Anmol India Agro Herbal Farming and Dairies Care Company Ltd., WTM/GM/EFD/75/2017-18, decided on 1-12-2017]
