Regulations
SEBI bars Samruddha Jeevan Foods, directors from collecting money from investors

Samruddha Jeevan Foods and its directors are barred from raising money from investor under any of its schemes. SEBI also asked them not to dispose of any assets or divert funds raised from public

Market regulator Securities and Exchange Board of India (SEBI) has asked Samruddha Jeevan Foods India Ltd and its directors Mahesh Kisan Motewar, Vaishali Mahesh Motewar and Ghanshyam Jashbhai Patel not to collect money from investor.

 

In an order, S Raman, whole time member of SEBI directed the company and its directors "not to collect any more money from investors including under the existing schemes, not to launch any new schemes, not to dispose of any of the properties or alienate any of the assets of the schemes and not to divert any funds raised from public at large which are kept in bank account(s) and/or in the custody of the company."

 

SEBI said Samruddha Jeevan Foods was prima facie found to be engaged in fund mobilising activity from public by floating 'collective investment schemes' (CIS) as defined in Section 11AA of the SEBI Act.

User

COMMENTS

Nishmitha Poojari

3 years ago

give give sallarry to staff and agents. samruddha jeevan totaly cheating.

Aditya

3 years ago

now they opened a new society with name M/S Samruddha Jeevan Multi State, Multipurpose Cooperative Society Limited for collecting money.

Govt only react after fraud or scam...

just we know its doing fraud but we cant do anything peoples who invest are low income or labour class who dont know about this scams...

Aditya

3 years ago

List of companies issued by Ministry of Corporate Affairs doing fraud in Public so be aware of these companies and don't invest in these companies as govt will not help if invest money in this listed companies.

spread awareness

http://www.mca.gov.in/Ministry/pdf/Rajya...

Aditya

3 years ago

List of companies issued by Ministry of Corporate Affairs doing fraud in Public so be aware of these companies and don't invest in these companies as govt will not help if invest money in this listed companies.

spread awareness

http://www.mca.gov.in/Ministry/pdf/Rajya...

Surender Bhadana

4 years ago

Samruddha jeevan is the one of the best companies in the market which provides the employment to unemployed people and motivates peoples to save money today for Tomorrow.

Regards:
Surender Bhadana
9718057100

REPLY

Kamlesh Bhatt

In Reply to Surender Bhadana 1 year ago

Plz give your latest number. It says the no.given above doesnot exist.

gopal rastogi

4 years ago

samruddha jeevan funds collection still continue in all the states and also new offices also opend in the diffrent tehsil hq,and ditrict level, sebi have any control over it.?.

lalit kumar

4 years ago

ye company aaj bhi market se paisa utha rhi hai . agar SEBI ne ise roka hai to phir ye deposet kaise le sakti hai . aur aisi kai company aur bhi hai jaise PINCON GROUP , GREENAGE FOOD PROCTS LTD . ye bhi market me kafi mota interest rate ke sath paisa utha rhi hai kya ye leagel hai. plz tell me

DILEEP

4 years ago

How can we get now our deposit from them ... Pl. reply

Yuvraj

4 years ago

But still they are collecting money through there offices.

REPLY

md khaleed

In Reply to Yuvraj 3 years ago

They will give a certificate named as sale registration letter and after completing the given period the customer can go to the branch office and submit all original documents which was provided by the company and as well as his id proof photo copy the the branch will send to head office pune it will take 15 days time and the cheque will release that s it,,,,,,,,,,

Rahul

4 years ago

I had written to Moneylife regarding the scam a few months back. I was expecting a public awareness articles from Moneylife. Now finally the SEBI order has arrived. This is a starting point of fall of the 'Samruddha Jeevan Empire' as they cant pay the high interest from their so called business activity. On top of it people will demand their deposit back which will mean that the business will go bust.

SEBI starts attachment proceedings in 200 cases, including MPS Greenery, Pyramid Saimira

SEBI has already initiated attachment proceedings against 200 entities including MPS Greenery, Pyramid Saimira for recovery of investor money as well as to collect long-pending penalties for various market related defaults

Market regulator Securities and Exchange Board of India (SEBI) has initiated attachment proceedings in about 200 cases for recovering investors' money and unpaid penalties from various defaulters.

 

As part of its recovery proceedings, the regulator has served orders to various banks to attach the accounts of those who have not paid penalties imposed on them for violations of various securities market regulations.

 

These include freezing of bank accounts for recovery of funds totalling nearly Rs1,550 crore, which includes over Rs1,500 crore for one single case involving an illegal collective investment scheme (CIS) in West Bengal.

 

In this case, SEBI has ordered attachment of over 50 bank accounts of MPS Greenery Developers for recovery of Rs1,520 crore, along with applicable returns, collected from investors through its illegal schemes.

 

SEBI has also issued notices for attachment of bank accounts in other matters, including Pyramid Saimira case of 2012 and IPO fraud of 2003-2005.

 

Besides, the recovery proceedings have been initiated against many entities for their failure to make the penalties imposed on them for various securities market violations.

 

As on June 2013, penalties worth around Rs121 crore were pending from over 1,300 individuals and entities. Some of the penalties are pending for over a decade.

 

The proceedings have been launched in a period of little over a month and have been initiated as part of SEBI's new powers to order freezing of bank accounts, attachment of properties, conduct of search and seizure operations and launch of recovery proceedings.

 

The markets regulator is also holding consultation with Central Bureau of Investigation (CBI), Tax Department, Enforcement Directorate (ED) and other investigative and enforcement agencies to beef up its own competence in exercising newly granted powers.

 

SEBI has also set up a separate recovery department under its enforcement division to carry out recovery proceedings and other search and seizure operations.

 

Besides, bulk of new staff being hired by SEBI, including 75 officers in recently initiated recruitment drive, would be used for such roles.

 

Beginning late September, SEBI has already initiated close to 200 attachment proceedings for recovery of investor money amassed through illicit schemes, as also of long-pending penalties for various market related defaults.

 

Through an ordinance promulgated by the government, SEBI has been given direct powers to freeze bank accounts, attach properties, conduct search and seizure and initiate recovery proceedings. To replace this ordinance, the Securities Laws (Amendment) Bill, 2013 is expected to be presented before Parliament in the next session. The ordinance has already been promulgated twice, the last being in September.

 

SEBI has been seeking these powers for long to better regulate markets and take to task the fraudsters and other defaulters more effectively. Soon after the promulgation of the ordinance, SEBI began exercising these powers and has put in place necessary operational mechanism, including those requiring changes in the manpower deployment.

User

COMMENTS

Sanjeev

4 years ago

There are many public listed companies who have fraudulently siphon of public money by showing losses and fake book entries, will SEBI able to recover money from them ?

Mohana Ganesh

4 years ago

Where can one find out the list of companies against whom SEBI has taken action i.e. attachment proceedings?

SC asks Sahara to handover title deeds of properties worth Rs20,000 crore to SEBI

The apex court has asked Sahara group to hand over title deeds of properties worth Rs20,000 crore to SEBI within three weeks

The Supreme Court on Monday directed the Sahara group to handover title deeds of properties worth Rs20,000 crore to market regulator Securities and Exchange Board of India (SEBI) within next three weeks. Failing to which, the apex court said Sahara group chief Subrato Roy and other directors will be barred from leaving the country without its permission.

 

"You indulge too much in hide and seek, we cannot trust you anymore. There is no escape and the money has to be paid," the apex court told Sahara.

 

Earlier in April, the Supreme Court while slamming the Sahara group for approaching Allahabad High Court and other forums had said, “You are manipulating courts”.

 

It may be recalled that Mr Roy through his advertisements had challenged SEBI to an open debate on an issue that had gone through a long legal process and where the group had used every legal forum available to it to file multiple appeals and challenges to stymie SEBI’s investigation.

 

On 10th April, the Sahara group chief and three of its directors, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey made a personal appearance before the market regulator. However, Mr Roy continued his tirade saying that the market regulator was more worried about his personal assets than refunding the money to investors of Sahara (read more Subrata Roy continues his tirade against SEBI after personal appearance

 

SEBI on 13 February 2013 passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts. It had said that in furtherance to a Supreme Court order directing refund of investors’ money collected by the two Sahara group companies, it ordered “attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and that of its promoters and directors Subrata Roy, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey”.

 

The assets ordered to be attached included those related to the group’s Aamby Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.

 

Passing the attachment orders, SEBI had said that the two companies had raised Rs6,380 crore and Rs19,400 crore, respectively from bondholders and “various illegalities” were committed in the raising of these funds.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine)