Parasrampuria Plantations Ltd Mumbai

PRESS RELEASE

M/s. Parasrampuria Plantations Ltd., Mumbai

M/s. Parasrampuria Plantations Ltd., Mumbai has failed to repay its investors in the manner provided under the SEBI (Collective Investment Schemes) Regulations, 1999, despite intimation from SEBI.

In view of the above, SEBI has passed an Order on October 8, 2003, directing the entity to refund the money collected under its Collective Investment Schemes with returns which is due to the investors as per the terms of the offer within a period of one month from the date of the Order failing which the following actions would follow:

 

1. Initiation of prosecution proceedings under Section 24 of the SEBI Act,1992 against the company / its concerned officials.
2. Debarring the company/ its concerned officials from operating in the capital market and from accessing the capital market for a period of 5 years.
3. Writing to the state government/ local police to register civil / criminal cases against the company and its concerned officials.
4. Writing to the Department of Company Affairs to initiate the process of winding up of the company.
    

The text of the order is available on the SEBI website www.sebi.gov.in