SEBI bars Anmol India from raising funds from investors
Moneylif eDigital Team 11 March 2015

Anmol India Agro-Herbal and its directors have been barred by SEBI from disposing of or alienate any of the properties or assets owned or acquired through the money raised 

 

Market regulator Securities and Exchange Board of India (SEBI) barred Anmol India Agro-Herbal Farming & Dairies Care Co Ltd from raising funds from the public with immediate effect. 
 
Besides, it directed the company not to launch any new scheme in the garb of plant cultivation and animal rearing. SEBI also asked the company and its directors--Mohammad Junaid Memon, Mohammad Umar Memon, Mohammad Javed Memon and Mohammad Khalid Memon --"not to collect any fresh money from investors under its existing schemes" as well as "not to launch any new scheme.
 
SEBI found that Anmol India was running 'collective investment schemes (CIS)' without obtaining registration from the regulator.
 
The company was inviting investments from the general public through its 'development and maintenance, rearing of the farms, animals and plants' scheme.
 
"... 'scheme' of sale, development and maintenance, rearing of farms,  animals, plants' offered by Anmol Agro with an intended promise of returns," when considered in light of peculiar characteristics and features of such scheme prima facie satisfies all the conditions under CIS, SEBI said.
 
They also have "to immediately submit the full inventory of the assets including land obtained through money raised".
 
Besides, the company and its directors have been barred from disposing of or alienate any of the properties or assets owned or acquired through the money raised.
 
Further, they cannot divert any funds raised from public at large which are kept in bank account of the company. They have to furnish all details of its investors, among other information, to SEBI.
 
These directions would take effect “immediately and shall be in force until further orders”.
 
Comments
integrity
1 decade ago
Was their crime graver than Sahara's . Saharas are probably not barred from launching new schemes. Only two up based activist seem to be fighting against alleged fraudulent practices by Sahara Q ?
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