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Sebi invites refund claim from investors of Agro Farm Blessing, Asurre Agrowtech

Press Trust of India  |  New Delhi 

Markets regulator Sebi has asked investors of Blessing Agro Farm and Asurre Agrowtech to submit their claims for refund of money invested by them in the companies' illegal investment schemes.

The capital markets watchdog has asked investors to submit their refund applications by February 29, 2020.

These are among the few cases after PACL, where Sebi had invited refund claims from affected investors.

PACL, which had raised money from public in the name of agriculture and real estate businesses, was found to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.

Blessing Agro Farm and Asurre Agrowtech were engaged in the illegal fund mobilising activity by floating or sponsoring unregistered CIS.

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. Now, the outstanding amount is Rs 74 crore, as per the regulator order.

Asurre Agrowtech had raised Rs 69.30 crore under its schemes and claims the paid amount to be Rs 12 crore as on December 2015. Now, the firm needs to refund Rs 57.55 crore.

In separate public notices, Securities and Exchange Board (Sebi) has asked investors who had invested in the unregistered schemes of Blessing Agro Farm and Asurre Agrowtech to submit their claims against these companies.

The regulator has asked investors to submit their refund applications along with necessary documentary proof by February 29, 2020.

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

Besides, it has appointed an administrator for sale of properties of the defaulters to realise money for making payments to the investors.

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

First Published: Fri, November 29 2019. 17:40 IST
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