Blessing Agro, Asurre Agrowtech investors get time to submit refund claims

Sebi has extended till October 16 the last date for investors of Blessing Agro Farm and Asurre Agrowtech to submit claims for refund of money invested in illegal investment schemes by the firms

Sebi has extended till October 16 the last date for investors of Blessing Agro Farm and Asurre Agrowtech to submit claims for refund of money invested by them in the illegal investment schemes floated by the firms.

Earlier, the last date for submitting refund applications along with original proof of investment for investors of Blessing Agro Farm and Asurre Agrowtech was January 31 and February 29, respectively.

The Sebi-appointed administrators had continued to accept claim forms from investors of the two companies even beyond the due date as there were many requests from investors to extend the deadline, the regulator said in two separate public notices on Monday.

"Further, considering the COVID-19 outbreak and resultant lockdown imposed during the last week of March 2020, which has caused disruption in postal services, the claim forms were even continued to be received even after the stipulated date," it said.

Administrators have been appointed for sale of properties of the firms to realise money for making payments to the investors.

The Securities and Exchange Board of India (Sebi) said "no claim forms shall be accepted by the Administrator after close of office hours on October 16, 2020".

Blessing Agro Farm and Asurre Agrowtech engaged in illegal fund mobilising activity by floating or sponsoring unregistered collective investment scheme.

According to a Sebi order, Blessing Agro Farm collected Rs 84.30 crore from over 1.3 lakh investors and claimed to have paid back around Rs 10.41 crore to nearly 13,000 investors.

The outstanding amount is Rs 74 crore, as per the regulator's order.

Asurre Agrowtech had raised Rs 69.30 crore under its schemes and claims it paid Rs 12 crore as on December 2015. The firm needs to refund the remaining Rs 57.55 crore.

Sebi has already initiated recovery proceedings against the two firms and has attached bank and demat accounts and movable and immovable properties of the defaulters.