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Business EconomyPosted at: Jan 2 2016 2:33PM


Sebi issue order for winding up of Sameerwadi Sugarcane Farmers' Welfare Trust

Mumbai, Jan 2 (UNI) Market regulator, Securities and Exchange Board of India (Sebi) in a separate case of Godavari Biorefineries (GBL), has ordered winding up of Sameerwadi Sugarcane Farmers' Welfare Trust as money collected through this trust allegedly constituted collective investment scheme, which was
carried out without obtaining certificate of registration from the regulator.
Further, Sebi has asked the company along with nine other entities, including its Chairman Narsang V Padhiyar, to refund investors with an interest at the rate of 10 per cent per annum.
According to the order by Sebi, the trust was collecting contributions from sugarcane farmers. With the contributions, the trust bought shares of GBL.
GBL issued 83 share certificates to the trust of different denominations representing 22,69,600 shares.
During the process of hearing, it was proposed by the entities to sub-divide 83 share certificates into 45,392 share certificates consisting of 50 shares each and to make a distribution to each of the beneficiaries on a pro rata basis.
On the process of refund, Sebi said, "The noticees shall, jointly and severally, refund to the beneficiaries the money equivalent to the value of their investment with regard to pro rata shares in the jumbo share certificates along with interest at the rate of 10 per cent per annum from the date of investment till the date of refund
and after adjusting amount of dividend paid, if any." However, considering the desire of a large number of beneficiaries for pro rata distribution of shares, Sebi Whole Time Member Rajeev Kumar Agarwal said, "I allow the noticees to make pro rata distribution of GBL shares to contributories/ beneficiaries who give
positive consent for such pro rata distribution of shares".
Sebi also restrained the trustees of the trust from buying, selling and dealing in securities and from accessing the securities market, directly or indirectly, till the CIS is wound up and all refunds are made.
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