New Delhi, Feb 6: The Securities and Exchange Board of India (Sebi) chairman D R Mehta has said Chandigarh-based plantation company Golden Forests 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 will come out with guidelines for these companies for the perusal of investors soon, the Sebi chief said.The statement has come in the wake of some recent newspaper advertisements by Golden Forests India Limited which said the Mumbai High Court had passed no order restraining the company from ``continuing with its ordinary course of business''. Golden Forests has challenged Sebi's authority to pass orders against it and the issue is sub-judice as on date.
It may be recalled that a Sebi directive early last month had banned Golden Forest from accepting fresh deposits and put a freeze on selling any of assets. A writ petition was filed by Sebi last month in the Mumbai High Court as part of itscrackdown on plantation companies.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
