NEW DELHI: Markets regulator Sebi has issued a public warning against purchasing or dealing in properties owned by Sunshine Global Agro and its directors, citing concerns over illegal transactions and encroachments.
In a notice issued last week, Sebi stated that certain individuals and entities have been unlawfully acquiring or trespassing on assets belonging to the company. The regulator cautioned that “no person is allowed to take illegal possession or trespass on the assets of the company and its directors,” warning of legal consequences for unauthorized actions.
The warning follows Sebi’s long-standing action against Sunshine Global Agro, formerly known as Sunshine Forestry Private Limited. In July 2014, the regulator barred the company and its directors from raising funds or launching new schemes after determining that its “sale of Jhatropha Bush Group and sale of plant/trees” program was an unregistered Collective Investment Scheme (CIS).
Subsequently, in February 2019, Sebi ordered the company and its directors not to sell or transfer any assets except for repaying investors. However, following continued non-compliance, the regulator initiated recovery proceedings against them.
Sebi’s latest cautionary notice underscores its ongoing efforts to prevent unauthorized dealings in the company’s assets and protect investors from fraudulent transactions.
