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CIS:Sebi gives 2 more months to Anmol India to repay investors

Press Trust of India  |  New Delhi 

Cracking the whip on illegal investment schemes in the guise of plant cultivation and animal rearing, today directed Anmol Agro-Herbal Farming & Dairies Care Company and its directors to repay money to investors within a maximum two months.

The company was found to be running 'collective investment schemes (CIS)' without obtaining registration from the regulator. It was inviting from the general public through its 'development and maintenance/rearing of the farms/animals/plants' scheme.


The latest order comes after the Securities Appellate Tribunal (SAT) on August 29 had directed the firm to file a representation before the within four weeks where the details of money paid as well as mode of return along with balance amount should be stated. Further, the regulator was directed to dispose of the case within eight weeks thereafter.

Following this, Sebi, in an order passed today, has asked Anmol and its directors -- Mohammad Khalid Memon, Mohammad Junaid Memon, Mohammad Javed Memon and Mohammad Umar Memon -- to repay the amount within a maximum period of two months, failing which other enforcement actions will follow.

Earlier in May 2016, the regulator had asked Anmol to refund the investors' money, along with returns, within three months.

At that point, Anmol had admitted to have mobilised more than Rs 141 crore and claimed to have refunded a little over Rs 103 crore.

Further, in its latest representation to in September this year, the company stated that the amount to be refunded stood at Rs 38.32 crore. Besides, it sought 12 months from to refund the money by selling its agricultural as well as non-agricultural land or by transferring its immovable properties of adequate value to customers.

"I note that though the final order allowed Anmol to sell its immovable properties for the purpose of refund, it has now made the representation as if no such permission existed. I note that Anmol is just engaging itself in correspondence with with the idea of delaying and protracting compliance with the final order.

"This is also to avoid other actions being taken against it for the failure or delay in ensuring compliance with the final order. The proposal does not appear genuine and hence does not merit any consideration," Whole Time Member G Mahalingam said in an order.

Besides, said that an alternative proposal by Anmol to repay the investors by transferring its immovable properties of adequate value is not feasible.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 20:25 IST
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