Sebi asks NGHIDL, Sunshine Global Agro to refund investors

In a crackdown on unauthorised money pooling schemes, Sebi today directed two companies -- Nicer Green Housing Infrastructure and Developers Ltd (NGHIDL) and Sunshine Global Agro -- and their directors to refund the money collected from investors within three months.
Besides, the companies and their directors have been barred from the securities markets for four years.
The regulator found that the firms were running Collective Investment Schemes(CIS) without obtaining necessary approvals from the Securities and Exchange Board of India (Sebi).
In similar worded orders the regulator said, NGHIDL, Sunshine Global Agro and their directors "shall wind up existing CIS and refund the money collected... Under the schemes with returns which are due to its investors... Within a period of three months and thereafter within a period of 15 days, submit a winding up report to Sebi..."

The regulator also restrained the companies and their directors from accessing the securities market for a period of four years and the ban will continue till they wind up the schemes and refund money to investors.
Sebi said that these orders will come into force with immediate effect.
In case NGHIDL and Sunshine Global Agro fails to comply with the Sebi's order, the regulator will make a reference to the state government/ local police to register a civil/ criminal case against the firms and their directors.
Further, it will also make a reference to the Ministry of Corporate Affairs to initiate the process of winding up of the companies. It will also initiate attachment and recovery proceedings against the firms.