A division bench comprising acting chief justice Mahender Narain and justice S K Mahajan also issued notices to Association of Agri Companies of India and a number of plantations companies including Sterling Tree Magnum India Ltd, Golden Forests India Ltd, Parasrampuria Plantations Ltd and Anubhav Plantations Ltd.

The high court notice came on a petition filed by Forum of Investors of Agro Forestry Companies of India (FIAC) seeking court's intervention to save investment worth Rs 10,000 crore which have allegedly "fallen under grave risk of total loss". Government standing counsel Rekha Palli accepted the notices on behalf of Sebi and different ministries.

Petitioner contended that Sebi and itschairman D R Mehta should be directed to take action against certain "fraudulent" time-share and agro plantation companies and ensure that hard earned money of lakhs of investors was returned to them. investors forum contended that Sebi should be asked to prepare a comprehensive package and submit before the court to save lakhs of investors from loss of money.

Petitioner also sought from court a CBI inquiry against "the misconduct, corruption and fraudulent acts of ommission and commission through which certain officials of Sebi and finance ministry have amassed huge wealth and assets much beyond their known sources of income.

"The forum alleged that gross negligence on the part of Sebi and finance ministry had resulted in hundreds of plantation companies collecting huge amount of money from public and risking approximately Rs 1,000 crore belonging to innocent investors. Petitioner contended that the court should set up an independent authority to prepare a package to salvage the investors by returningtheir money. Investors sought full implementation of Dave Committee report.

Dave Committee was set up by Sebi to go into details of affairs of various agro plantation companies and suggest measures by which these companies could be regulated. Collection of such a huge amount of money by these companies is a clear indication that Sebi has failed in its duty of registering plantation firms and safeguard investors interest, petitioner said.