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Sebi asksAsurre Agrowtech's investors to submit original investment proofs

Business Finance

Press Trust of India  |  New Delhi 

Markets regulator Sebi on Thursday asked Asurre Agrowtech's investors, who had already submitted claim form, to deposit original proof of investment immediately, a move that will help in refund process.

Sebi, in November 2019, had asked investors -- who had invested in the unregistered CIS (collective investment scheme) by Asurre Agrowtech Limited (AAL) -- to submit their claims along with the original proof of investment in the company.

Sebi, which is in the process of auctioning the attached properties of AAL, said the same is being delayed due to the present lockdown situation owing to COVID-19 pandemic.

The claim forms will be processed in terms of and such other process of Sebi in force, and the payment will be made through banking channels, the regulator said in a notice to investors.

"Sebi shall endeavour to complete the refund process within six months subject to recovery of money from AAL and/or its directors including through proceeds realised from the sale of attached properties of AAL," it added.

The regulator said investors who have not submitted proof of investment to give it immediately without further delay. It, further, said that claim amount will be processed only after submission of original proof of investment.

In the absence of the same, the claim form will bound to be withheld and subsequently rejected, it added.

As on April 30, 2020, as many as 8,367 investors of the company have submitted claim form.

In case of any query about claim form received, Sebi said the same will be intimated on investors address and the required information must be furnished as per the letter, within 30 days of receipt of the letter. Otherwise, claim form will bound to be rejected.

It also advised investors not to come in person to Sebi's office for the follow up of the payment of claim form submitted. It requested them to check its web site periodically for any important update on this subject.

In May 2016, Securities and Exchange Board of India (Sebi) had asked Asurre Agrowtech and its directors to refund investors money, which was raised through illegal investment schemes, in three months.

The company had mobilised a total of Rs 69.30 crore through various investment plans under schemes of purchase of livestock/poultry. The firm had claimed that it has refunded Rs 11.74 crore as on December 31, 2015 and has to refund Rs 57.55 crore.

However, it did not provide any verifiable proof regarding its claim.

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

First Published: Thu, May 21 2020. 18:45 IST