Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on May 09, 2016 under Sections 11 (1), 11 (4) 11B and 11D of the Securities and Exchange Board of India Act, 1992 in the matter of Asurre Agrowtech Limited and its directors inter-alia directing as follows-:
a) Asurre Agrowtech Limited, Mr. Sengan Thangappalam, Mr. Shanmugam Rajendran, Mr. P Saravanan, Mr. V. Venkataramanujam and Mr. R. Devadoss shall abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the scheme which have been identified as a Collective Investment Scheme in the Order.
b) Asurre Agrowtech Limited, Mr. Sengan Thangappalam, Mr. Shanmugam Rajendran, Mr. V. Venkataramanujam and Mr. R. Devadoss shall wind up the existing Collective Investment Schemes and refund through ‘Bank Demand Draft’ or ‘Pay Order’, the money collected by the said company under the schemes with returns which are due to its investors as per the terms of offer within a period of three months from the date of the Order and thereafter within a period of fifteen days, submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds.
In case the Company has made refunds as claimed in its submission, it shall produce the proof for such repayment as directed above and also submit a certificate from Chartered Accountant as directed in sub-paragraph (d) below.
c) Asurre Agrowtech Limited/its present management is permitted to sell the assets of the Company only for the sole purpose of making the refunds as directed above and deposit the proceeds in an Escrow Account opened with a nationalised Bank.
d) After completing the aforesaid repayments in terms of sub-paragraph (b) above, the Company shall file a certificate of such completion with SEBI, within a period of 15 days, from two independent peer reviewed Chartered Accountants who are in the panel of any public authority or public institution. For the purpose of this Order, a peer reviewed Chartered Accountant shall mean a Chartered Accountant, who has been categorized so by the Institute of Chartered Accountants of India (‘ICAI’).
e) Asurre Agrowtech Limited, Mr. Sengan Thangappalam, Mr. Shanmugam Rajendran, Mr. P Saravanan, Mr. V. Venkataramanujam and Mr. R. Devadoss are also directed to provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/ securities, if held in physical form.
f) Asurre Agrowtech Limited, Mr. Sengan Thangappalam, Mr. Shanmugam Rajendran, Mr. P Saravanan, Mr. V. Venkataramanujam and Mr. R. Devadoss are restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of 4 years.
Asurre Agrowtech Limited (CIN: U51213TN2007PLC064744), a company having its registered office at 14, 1st Floor, Raheja Complex, No. 834, Anna Salai, Chennai – 600002, was found collecting funds from the "customers/venturers” for its livestock schemes, violating the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999. SEBI had issued an Interim order in the matter on July 03, 2015. The present order dated May 09, 2016 brings to conclusion the above said proceedings with the aforesaid directions.
The full text of the order is available on the website www.sebi.gov.in