Blessing Agro Farm case: Sebi receives 6,643 claim forms for refund

As many as 6,643 traders have submitted declare types to Sebi for refund of cash invested by them in an unlawful funding scheme floated by Blessing Agro Farm India Ltd, the markets regulator mentioned.

The final date for submitting refund functions together with the unique proof of investments was October 16, 2020.The preliminary deadline was January 31, 2020, and the identical was prolonged following requests from traders.

As on October 16, 2020, a complete of 6,643 traders of the corporate have submitted declare types to the regulator for refund of Rs 27.5 crore, the Securities and Change Board of India (Sebi) mentioned in a discover on Monday.

Blessing Agro Farm was engaged in mobilising funds by way of unauthorised collective funding schemes.

The Sebi-appointed administrator noticed that plenty of traders haven’t enclosed the unique acknowledgement together with the declare type submitted, the discover talked about.

The entire declare quantity talked about within the declare type and the whole quantities of unique installment receipts enclosed had been additionally not tallying in so many circumstances, it added.

Sebi requested traders who haven’t submitted the unique installment receipts to submit these instantly to the administrator — B Sathrukkanan.

The corporate had collected Rs 84.30 crore from over 1.three lakh traders and it claimed to have paid again round Rs 10.41 crore to almost 13,000 traders. and the excellent quantity is Rs 74 crore.

Sebi has already initiated restoration proceedings in opposition to the agency and connected properties of the defaulter after it did not refund traders’ cash.

The regulator by way of the administrator is within the strategy of endeavor valuation and auctioning of the connected properties of Blessing Agro Farm.

In February 2016, the regulator had requested Blessing Agro Farm to refund traders’ cash, which was raised by way of the unlawful funding scheme, in three months.

In addition to, the agency and its administrators had been restrained from the securities markets for 4 years.

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