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07 February 1998

SEBI questions Golden Forest claim

UNITED NEWS OF INDIA  
NEW DELHI, February 6: The Securities and Exchange Board of India (SEBI) chairman D R Mehta has said that Chandigarh-based plantation company Golden Forest cannot announce any new schemes until the board issues new regulations. The regulation applies to all 417 schemes by other plantation companies.

The market watchdog SEBI will soon come out with guidelines for these companies for the perusal of investors, the SEBI chief said.

Earlier, a SEBI directive had banned Golden Forest (which is believed to have collected around Rs 1000 crore through plantation schemes) from accepting fresh deposits and a freeze on selling any of its assets.

A writ petition was filed by SEBI last month in the Bombay high court as part of its crackdown on plantation companies where Golden Forests India Limited (GFIL) have been made one of the parties. Mehta said the Dave committee for plantation companies constituted by SEBI suggested rating of the existing plantation company schemes.

Although in recent newspaperadvertisements, GFIL -- in order to restore investor confidence -- said that the Bombay High Court has passed no order restraining the company from ``continuing with its ordinary course of business'', GFIL has challenged SEBI's authority to pass orders against GFIL and the issue is sub-judice as on date.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.



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