Synopsis
The Securities and Exchange Board of India (SEBI) has issued a warning to the public against engaging with properties belonging to Sunshine Global Agro, citing illegal activities and previous penalties due to unauthorized schemes.Key Takeaways
- SEBI warns against dealings with Sunshine Global Agro.
- Illegal possession and trespassing are prohibited.
- SEBI previously banned the company from raising funds.
- Outstanding dues exceed Rs 1 crore.
- Legal consequences for unauthorized actions.
New Delhi, March 6 (NationPress) The Securities and Exchange Board of India (SEBI) issued a warning on Thursday to the public against engaging in any transactions related to the properties of Sunshine Global Agro and its directors.
This advisory came after the market regulator uncovered illegal activities where certain individuals or entities were unlawfully acquiring, encroaching upon, or trespassing on the properties owned by the company.
In a notice released the previous week, SEBI stated that no individual is permitted to take illegal possession of or intrude upon the assets of Sunshine Global Agro and its directors.
The regulatory body also cautioned that any unauthorized actions could result in legal repercussions under the relevant laws.
Back in July 2014, SEBI had already taken measures against Sunshine Global Agro, prohibiting the company and its directors from soliciting funds from investors or launching new schemes.
This action was taken after it was discovered that the company was raising funds through schemes related to the "sale of Jatropha Bush Group and sale of plant/trees".
These operations were deemed unauthorized as part of a Collective Investment Scheme (CIS).
In February 2019, SEBI instructed Sunshine Global Agro and its directors not to sell or dispose of any company assets, unless it was to refund investors.
However, due to the company's non-compliance with this directive, SEBI initiated recovery actions against both the company and its directors.
Furthermore, in December 2020, the market regulator ordered the attachment of bank and demat accounts belonging to Sunshine Global Agro and its directors to recover dues exceeding Rs 1 crore.
This measure followed the company and its directors' failure to remit a Rs 1 crore penalty imposed by SEBI in March 2019.
The fine was levied after it was revealed that the company had unlawfully raised over Rs 38 crore from 39,290 investors through unregistered collective investment schemes.
In its 2020 attachment notice, SEBI instructed banks and depositories to refrain from allowing any debits from the accounts of the company and its directors.
Nevertheless, credit transactions were permitted. The total outstanding dues amount to Rs 1.09 crore, which includes the original penalty, interest, and recovery costs.
