Ecogreen directed by SEBI not to raise public money
Ecogreen Real Estate has been banned from mobilizing funds from public investors as well as from launch any new scheme. It was noted by SEBI that Uttar Pradesh based company was inviting applications to book plots of residential/commercial land under ‘Land-Linked – One Time Payment Plan’ scheme. The plan seems to be unauthorized ‘Collective Investment Scheme (CIS)’. SEBI further noted that Ecogreen Real Estate is running a collective investment scheme without obtaining a certificate of registration from Sebi as required under the CIS Regulations. SEBI has directed the company and its directors not to collect any money from investors and not to launch any new schemes. Further, they have been asked to submit details of amounts mobilised and refunded, among other information. The regulator has ordered them to file their reply within 15 days from the date of the order.
SEBI took note that the company earlier invited funds from investors for “purchase and development of plots” in multiples of Rs 5,000 for a period of 5/10 years. The officials of the company against whom the orders have been passed are Avneesh Verma, Chandra Prakash Verma, Ajaykumar and Ram Samujh Yadav.
Source: Business Standard
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