ENBEE PLANTATIONS LIMITED Vs. STATE
SECURITIES APPELLATE TRIBUNAL
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(1.) SECURITIES and Exchange Board of India (hereinafter referred to as SEBI) vide its detailed order dated February 14, 2003 under section 11B of the SEBI Act, 1992 read with Regulations 65 of SEBI (Collective Investment Schemes) Regulations, 1999 directed Enbee Plantations Ltd. ( hereinafter referred to as the company ) to refund the money collected under its Collective Investment Schemes with returns which is due to the investors as per the terms of the offer within a period of one month from the date of the said order. It was also mentioned in the aforesaid order of SEBI that in case of failure of the company to comply with the Order of SEBI, actions as permitted under the SEBI Act 1992 and SEBI (Collective Investment Schemes) Regulations, 1999 would be adopted.
(2.) The aforesaid order of SEBI was forwarded to the company at its registered office address , vide letter dated February 24, 2003 and the copies were sent to the Chief Executive Officer and the Managing Director of the company. However, the order in original was sent to the company at its registered office and the copy of the order sent to its Managing Director were returned undelivered with the comments " refused to accept". The copy of the order sent to the Chief Executive Officer of the company was not returned as undelivered. The aforesaid order in original was again sent to the company at its alternate address on March 13, 2003 and copies of the said order were sent to its branch offices. SEBI also issued a Press Release on February 28, 2003 with respect to the above order issued by SEBI. It is observed that the company has failed to comply with the directions contained in the order dated February 14, 2003.
Therefore, in exercise of the powers conferred upon me under Section 11B read with Section 4(3) of the SEBI Act, 1992 and Regulation 65 of SEBI (Collective Investment Schemes) Regulations, 1999, I, hereby debar the company/its promoters /its directors /its managers/persons in charge of business of its schemes ( whose names and addresses are mentioned in the Annexure herewith ) from operating in the capital market and from accessing the capital market for a period of 5 years from the date of this order.
(3.) IN case however, any aggrieved person, whose name is mentioned in the enclosed Annexure, was not aware of the previous order and the warning issued vide said order and was not responsible for the conduct of the business of the company, he may apply in writing, within 15 days, from the date of the order, with all the supporting documents, to SEBI.;
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