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June 22, 2001
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Money > Business Headlines > Report June 22, 2001 |
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Sebi files contempt suit against Golden ForestBS Bureau The Securities and Exchange Board of India has filed a contempt petition against Delhi-based Golden Forest for not complying with the court's order for selling assets and paying back the investors. Golden Forest, which has allegedly duped investors to the tune of Rs 10 billion had given an undertaking to the court that it would sell its real estate assets and pay back the investors. However, it has not moved in the direction at all. When contacted, Sebi officials said that the case, which had come up for hearing on June 13 has been adjourned to July 8. Sebi chairman D R Mehta, who was in Delhi recently met BJP member of parliament and president of Investors' Grievance Forum Kirit Somaiya and assured him that all possible steps would be taken to expedite action against Golden Forest. Investors in Golden Forest have now been approached by the company to sign an undertaking that they have already received their dues. The company's agents claimed that such an undertaking by the investors would help it sell its assets faster. "Many of us have already handed over such an undertaking to the company's agents," a section of the investors told Business Standard. According to Sebi's latest status report on collective investment schemes, plantation companies have duped investors to the extent of Rs 25 billion over the last 5 years. While there are 650 such companies, the shocking part is the courts have passed orders against just about 7-8 companies. Sebi officials said that bulk of the 650-odd companies have not filed the statutory information with the regulator. "Even today, only 50 companies have applied for registration with us," they said. Sebi officials said the market watchdog has issued 11B directions under the Sebi Act for winding up against 500 companies. All these companies had launched dubious schemes in the second half of 1990. None of them complied with the Sebi directive on filing statutory information with the regulator. Nearly 200,000 investors had invested in the absurdly lucrative schemes offered by plantation companies. Most of these companies were from states like Punjab, Haryana, Delhi, Tamil Nadu, Gujarat, Andhra Pradesh and Maharashtra. Powered by YOU MAY ALSO WANT TO READ:
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