Mumbai: Capital market regulator Sebi Friday prohibited Four Season Farms, which had been illegally raising funds from public, from disposing any of its assets.
The company has also been asked to furnish various details, including those related to its investment schemes, to the market regulator, within a stipulated time.
Securities and Exchange Board of India (Sebi), in September, had initiated recovery proceedings against Four Season Farms for failure to refund an amount of more than Rs 15 crore to investors.
In an order today, Sebi observed that the company "may dispose or transfer or alienate the assets" as well as "obstruct or delay the recovery proceedings". This "needs to be prevented immediately," the market regulator said.
"... The defaulter (Four Season Farms) is hereby prohibited from disposing, transferring, alienating, or charging in respect of all the immovable properties held by the defaulter," Sebi said.
Besides, the company can not dispose movable properties held by it.
The properties of Four Season Farms include 17 flats in Vasundhara Building in Mumbai, 252.06 acres of agricultural land and a prawns hatchery plant.
Among others, Four Season Farms has also been directed t
Moreover, the company has been asked to list all schemes floated by it and other details related to these plans within two weeks.
o furnish with Sebi the complete details of all movable and immovable properties held by the company within one week.
The firm is also required to give to Sebi the complete list of investors, details of investments, the amounts due in each of the schemes, among others, within next one month.
