Financial Daily from THE HINDU group of publications
Friday, Mar 07, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 07, 2003 |
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Markets
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Regulatory Bodies & Rulings Parasrampuria told to scrap schemes Our Bureau
MUMBAI, March 6 PARASRAMPURIA Plantations Ltd (PPL) has been directed by SEBI to wind up its existing schemes and make the necessary repayments to investors, as it had failed to comply with "certain requirements" under the SEBI (Collective Investment Schemes) Regulations 1999. A SEBI press release said the company was granted provisional registration under the CIS Regulations. While granting registration, it was made clear to the company that this did not authorise PPL to raise money from the public under its schemes. "PPL has failed to comply with the requirement of the Regulations and its provisional registration expired on January 23, 2003. In view of this, SEBI intimated PPL through its letter dated February 19, 2003 that as an existing CIS, PPL is now required to wind up its existing schemes and make repayments to the investors in accordance with the Regulations and report compliance to SEBI," the release said.
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