SEBI bars Samruddha Jeevan Foods, directors from collecting money from investors

Samruddha Jeevan Foods and its directors are barred from raising money from investor under any of its schemes. SEBI also asked them not to dispose of any assets or divert funds raised from public

Market regulator Securities and Exchange Board of India (SEBI) has asked Samruddha Jeevan Foods India Ltd and its directors Mahesh Kisan Motewar, Vaishali Mahesh Motewar and Ghanshyam Jashbhai Patel not to collect money from investor.

In an order, S Raman, whole time member of SEBI directed the company and its directors "not to collect any more money from investors including under the existing schemes, not to launch any new schemes, not to dispose of any of the properties or alienate any of the assets of the schemes and not to divert any funds raised from public at large which are kept in bank account(s) and/or in the custody of the company."

SEBI said Samruddha Jeevan Foods was prima facie found to be engaged in fund mobilising activity from public by floating 'collective investment schemes' (CIS) as defined in Section 11AA of the SEBI Act.
http://www.moneylife.in/article/sebi-bars-samruddha-jeevan-foods-directors-from-collecting-money-from-investors/35168.html