Interim Order in respect of Assure Agrowtech Limited

8/20/2019 Interim Order in respect of Assure Agrowtech Limited

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WTM/ SR /SEBI-SRO/IMD/142 /07/2015

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA

CORAM: S. RAMAN, WHOLE TIME MEMBER

ORDER

D!"#$%&' (&)"! S"#$%&' 11*1+, 11*4+, 11B &) 11D % $" S"#(!$"' &) E#&"

B%!) % I&) A#$, 12 !") $ R"(3$%&' 5 % $" S"#(!$"' &) E#&"

B%!) % I&) *C%33"#$" I&"'$6"&$ S#"6"'+ R"(3$%&', 1 & !"'"#$ %

A''(!" A!%$"# L6$") *CIN: U51218TN20079LC04744+ &) $' D!"#$%!' .,

M!. S"&& T&36 *DIN: 0170584+, M!. S&6(6 R;"&)!& *DIN:

0152+, M!. 9. S!&& *DIN: 0478+, M!. R. D")%'' *DIN: 07074


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voluminous. SEBI vide letter dated 8ovember 1, !1, advised %%& to submit the

documents on or before 8ovember 9, !1.

5. n 8ovember 9, !1 %%& sought further time upto 3ecember !, !1 to compile the

records and furnish the information to SEBI.

:. In the mean#hile, SEBI received certain additional documents from the complainant

through email dated 3ecember 1;, !1.

2. *hereafter, %%& vide letter dated 3ecember !, !1, inter-alia , furnished certain

information about the bac-ground of its business, details of Scheme operated, opies of

ation of funds b %%& through its "schemes " offered

to public fall under the ambit of +collective investment scheme provided in Section 11%% of the

SEBI %ct.

;. n an examination of the same, it is observed as under?

i %%& #as incorporated on September 16, !!2 (I8? @5116*8!!2A&!:2)

having its egistered office at? 1, 1st /loor, ahea omplex, 8o. 96, %nna Salai,

hennai C :!! !! and its orporate ffice at? 54, am omplex, 8e# Bus Stand

(Dest), Salem :6: !!;.

ii *he 3irectors of %%& are


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iii /rom the ule Boo- and other documents available, the follo#ing are observed?

I. In the ule Boo-, it is stated that “AAL engages in developing of “techno based, Agro

industries” on behalf of the venturer for which the venturer shall enter into an agreement with the

Compan! Advisors are associated for boo"ing orders for such activit”! It is also stated that “the

compan ma also wish to bu bac" the stoc" if the venturer opts for an #$stimated %eali&able

'alue()$%'*! All the charges related to the agreement would be borne b the venturer”!

II. *he follo#ing Schemes are offered b %%& based on “Livestoc"s and +oultries”!

I *A+ D%& 9@6"&$ S#"6" *D9S+S#"6" D9S 1 %! 75 M%&$' *.8 !'+

S3. N%. C%&')"!$%& C%'$ E"#$") R"3'3" =3("

A##)"&$3 D"$C%6"&'$%&

1 5!! 5!!! 8% 5!!! 1!!!! 5!!!6 1!!!! !!!! 1!!!! 15!!! 6!!!! 15!!!5 5!!!! 1!!!!! 5!!!!

I *B+ D%& 9@6"&$ S#"6" *D9S+S#"6" D9S 2 %! 100 M%&$' *


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II*B+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 2 %! 7< 6%&$' *. !'+

S3. N%. C%&')"!$%&C%'$

INSTALMENTS ER= ADCM3@ 3@ H3@ 3@

1. 29!! 1!! ;5 59! 115! 1!;5 ;!!!

15:!! !! 5;! 11:! 6!! 195! 19!!!6. 6!! 6!! 995 12! 65! 6225 2!!!. 61!! !! 119! 6! :!! 62!! 6:!!!5. 29!!! 1!!! ;5! 59!! 115!! 1!;5! ;!!!!

II*C+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 8 %! 0 6%&$' *5 !'+

S3. N%. C%&')"!$%&C%'$


1. 25!! 15 62! 26! 15! ;2!! ;!!! 15!!! 5! 2! 1:! ;!! 1;!! 19!!!

6. 5!! 625 111! 1;! 65! ;1!! 2!!!. 6!!!! 5!! 19! ;! 59!! 699!! 6:!!!5. 25!!! 15! 62!! 26!! 15!! ;2!!! ;!!!!

II*D+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 4 %! 75 6%&$' *.8 !'+

S3. N%. C%&')"!$%&C%'$


1. :!!! 9! 65 9! ;5! ;55! ;!!! 1!!! 1:! 2! ;:! 1;!! 1;1!! 19!!!

6. 19!!! ! 2!5 1! 95! 9:5! 2!!!. !!! 6! ;! 1;! 69!! 69!! 6:!!!5. :!!!! 9!! 65! 9!! ;5!! ;55!! ;!!!!

II*E+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 5 %! 0 6%&$' *5 !'+

S3. N%. C%&')"!$%&C%'$

INSTALMENTS ER=M3@ 3@ H3@ 3@

1. :!!! 1!! ;5 59! 115! 95!!

1!!! !! 5;! 11:! 6!! 12!!!6. 19!!! 6!! 995 12! 65! 55!!. !!! !! 119! 6! :!! 6!!!5. 6!!!! 5!! 125 ;!! 525! 5!!


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II*F+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S %! 8 6%&$' *8 !'+

S3. N%. C%&')"!$%&C%'$


1. 6:!! 1!! ;5 59! 115! 5!

2!! !! 5;! 11:! 6!! 95!!6. 1!9!! 6!! 995 12! 65! 125!. 1!! !! 119! 6! :!! 12!!!5. 19!!! 5!! 125 ;!! 525! 15!

II*G+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 7 %! 4< 6%&$' *4 !'+

S3. N%. C%&')"!$%&C%'$


1. 9!! 1!! ;5 59! 115! 5!

;:!! !! 5;! 11:! 6!! 95!!6. 1!! 6!! 995 12! 65! 125!. 1;!! !! 119! 6! :!! 12!!!5. !!! 5!! 125 ;!! 525! 15!

II*H+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S < %! 0 6%&$' *5 !'+

S3. N%. C%&')"!$%&C%'$


1. :!!! 1!! 6!! 5;! 1125 2;5

1!!! !! :!! 119! 65! 1595!6. 19!!! 6!! ;!! 122! 655 6225. !!! !! 1!! 6:! 2!! 612!!5. 6!!!! 5!! 15!! ;5! 5925 6;:5

II*I+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S %!


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II*+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 10 %! 6%&$' *< !'+

S3. N%. C%&')"!$%&C%'$


1. 1!!! 15 62! 26! 15! 1;29!

!!! 5! 2! 1:! ;!! 6;5:!6. 6:!!! 625 111! 1;! 65! 5;6!. 9!!! 5!! 19! ;! 59!! 2;1!5. :!!!! :5 195! 6:5! 25! ;9;!!

II*+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 11 %! 0 6%&$' *5 !'+

S3. N%. C%&')"!$%&C%'$


1. :!!! 1!! ;5 59! 11! 29!! 1!!! !! 5;! 11:! 9! 15:!!

6. 19!!! 6!! 995 12! 6! 9!!. !!! !! 119! 6! 5:! 61!!5. 6!!!! 5!! 125 ;!! 52!! 6;!!!

II*L+ SSTEMATIC 9AMENT SCHEME *S9S+S#"6" S9S 12 %! 0 6%&$' *5. !'+

S3. N%. C%&')"!$%&C%'$


1. ::!! 1!! ;5 59! 15 9;5! 16!! !! 5;! 11:! ;! 12;!!

6. 1;9!! 6!! 995 12! 6265 :95!. :!! !! 119! 6! ;9! 659!!5. 66!!! 5!! 125 ;!! :5 25!

III *A+ HBRID 9AMENT SCHEME *H9S+ S#"6" H9S 1 @6"&$ 40 6%&$'*8.4+ ER= 0 6%&$' * 5 !'+

S3. N%. C%&')"!$%&C%'$


1. 1!!!! 5! 2:! 1:5 625 15!! 25!!

!!!! 5!! 15! 6;! :55! ;!!! 15!!!6. 6!!!! 25! 9! ;65 ;95 65!! 5!!. !!!! 1!!! 6!! :59! 161!! 59!!! 6!!!!5. 1!!!!! 5!! 2:!! 1:5! 625! 15!!! 25!!!


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III *B+ HBRID 9AMENT SCHEME *H9S+S#"6" H9S 2 @6"&$ 0 6%&$' *5 !'+ ER= 120 6%&$' *10 !'+

S3.N%.

C%&')"!$%&C%'$

INSTALMENTS ER= S"#3I"&$"

ADCM3@ 3@ H3@ 3@

1. 15!!! 5! 2! 125 ;5 15!! 15!! 25!! 6!!!! 5!! 19! ;5! 595! 6!!! 6!!! 15!!!6. 5!!! 25! ! 5 9225 :5!! 5!! 5!!. :!!!! 1!!!! ;:! 5;!! 112!! 9:!!! :!!! 6!!!!5. 15!!!! 5!! 2!! 125! ;5! 15!!! 15!!! 25!!!

III. %s per the ule Boo-, ever unit of `5,!!!4, represents specified number of

livestoc-4poultr, as mentioned belo#?

U&$ C%'$ % L"'$%#> &) 9%(3$!@Sl. 8o. 8o. of @nitsG Aarticulars %llotments

1 I 3air 1 alf

I Hoat Hoats

6 I Aoultr 6! Birds

IF.

Salient features of all the three schemes as stated in the %ule boo" are stated as under?

. D%& 9@6"&$ S#"6"':

i.

*hese are the $fixed investment plans', in #hich the venturer4investor boo-slivestoc-4poultr at da one and develops it for the minimum maturit period of :.6

ears #ith an option to rene# the agreement upto 9. ears based on the discretion

of the venturer.

ii.

*he venturers4investors #ho are interested in the schemes offered b %%&, are

made to enter into an " Agreement for developing livestoc- #ith %%&. *he terms of

agreement are as under?

1!

he cost of livestoc".+oultr includes maintenance and administrative e/penses whichwill be paid b the venturer to the compan at the time of agreement!

2! he agreement will be fi/ed for a period of 0 and 1 months!


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3!

he agreement could not be cancelled upto 3 ears! After 3ears, if venture wishes to

cancel the agreement then the compan will charge 34 of the 5oo"ing price of livestoc"

. +oultr agreed at the time of agreement b the venture!

. S@'$"6$# 9@6"&$ S#"6"' *S9S+:

i! Livestoc".poultr can be boo"ed in 6-07 eas sstematic paments!

ii!

Livestoc" . +oultr will be allotted to the venturer.investor after receiving first 36 instalments and

will be developed in ne/t 3 months in 8cheme-1, 92 months in 8cheme -2, 29 months in 8cheme-

3!

iii! he cost of livestoc".+oultr includes maintenance and administrative e/penses which has to be

paid b the venturer to AAL in 6-07 monthl paments!

iv! Agreements will be fi/ed for 6, 66, 0 and 07 months and 8+8 cannot be cancelled in between

the term!

v!

:n case if the venture failed to compl with the agreement there is no lapsation and rule no! ):'* of

the %ule boo" applies!

#. S3"&$ F"$(!"' % H@!) 9@6"&$ S#"6"

AS1 is a short term scheme in #hich the venturer pas cost of consideration for !

months and develops the cattle4Aoultr for a period of :! months, AS is a long term

scheme in #hich venturer pas instalments for a period of 5 ears and develop the

livestoc-4poultr till 1!th ear for #hich a special incentive is paid as return apart from the

final EF amount.

i!

;nder the scheme the venturer can boo" the livestoc" in 9-6 pament!

ii! he total terms of the


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v!

Livestoc" . +oultr will be allotted to the venture after receiving first 36 instalments and will be

developed in the ne/t 2 ears in


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together with penalt there on B 14 per annum and appropriate late fees for delaed

paments

)

8pecial %evival 8cheme= A discontinued >oint venturer ma be revived an time before

e/pir of the term from the date of discontinuation on an application with a nominal

alteration fee of %s! .- along with one instalment of subscription!

5) he details of different penalt rates of interest to different levels of discontinued period

as stated in the %ule 5oo" is as under=

Serial 8o. 3iscontinuedAeriod

%mount paable after completionof Fenture Aeriod

1 11months nl the paid boo-ing price 16 months Boo-ing price received K 1!L6 56: months Boo-ing price received K 15L 62:months Boo-ing price received K !L5 2:!months Boo-ing price received K 5L

: :12 months Boo-ing price received K 6!L

:)

Amount received against discontinued ?oint 'enturer shall be repaid b the compan

as per %ule 5oo" as amended from time to time and is applicable for scheme of five

ears and above onl!

2) he compan also states that “All charges related to the agreement would be borne b

the venture”! Do duplicate agreement will be issued under an circumstances!

9) :n case of natural death of a ?oint 'enturer, the Dominee.legal

%epresentative.8uccessor ma have the refund as specified in %ule 5oo", as amended

from time to time!

*he details of refund stated in the ule boo- is as under ?

Serial 8o. *erm Aeriod forthe claim in caseof 8atural 3eath

%mount paable as claim in theevent of 8atural 3eath duringthe venturer Aeriod

1 11months nl the paid boo-ing price 16 months Boo-ing price received K 1!L6 56: months Boo-ing price received K 15L 62:months Boo-ing price received K !L

5 2:!months Boo-ing price received K 5L: :12 months Boo-ing price received K 6!L

;) he ?oint 'enture)s* shall be eligible for compensation in the event of accidental death

as per %ule 5oo", as amended from time to time!


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1!) he >oint venture arrangement cannot be transferred.assigned.alienated in an

manner whatsoever to anone e/cept in the circumstances and in the manner as

specified in %ule boo" as amended from time to time!

11) he compan reserves the right to discontinue.change.amend.modif or alters an of

the %ules and regulations and +lans mentioned in the %ule 5oo")as amended from

time to time* at an time at its sole discretion with or without an notice!

1)

:n case of dispute, the decision of Chairman of Compan or an other person)s*

nominated b him, shall be final and shall be legall binding on ?oint 'enturer, who

shall have no ob>ection to the appointment of an officer)s* of Compan as the sole

arbitrator . arbitrators!

FI.

%s per the information submitted b %%& vide its letter dated 3ecember !, !1,

the Scheme#ise contributions collected from its customers4venturers b %%& are as

follo#s?

S3.N%.

93& ="&$(!"!' A6%(&$ & R'.

G!&) T%$3

1 AA1 25 ,62,1;!

AA 16,99!

6 SAS1 22!6 :,:,5,;;!

SAS 2;:9 15,16,96,51

5 SAS6 95! 6,66,9,!5

: SAS 1191 9,:,51,9:!

2 SAS5 ;2: 5;,1,5:!

9 SAS: 55 ,9,51!

; SAS2 6 ,!9,9:!

1! SAS9 ;! 2,9!,955

16 3AS1 16:! ,6!,2!,!!!

1 3AS 92 !,;5,!!!

1: 3AS 1; 19,9!,!!!

12 3AS5 96 ,66,12,5!!

TOTAL 12


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1!. %s per the Schemes offered b %%&, the "customers"4investors are re0uired to ma-e

pament as per the Scheme opted b them to#ards sale4purchase and development of units

of &ivestoc- 4 poultr after executing an $%pplication /orm' #ith %%& and %%& issues a

"ertificate" based on the application form to the "customers"4investors. *he said

"ertificate" does not contain specific details about the &ive Stoc- 4 Aoultr sold to the

customers. Instead, it mentions the plan name, maturit date and expected sums paable on

the expir of the term.

11.

In case of Instalment Alans, on both SAS and AS based schemes, &ivestoc- 4 Aoultr are

$allotted” to the venturer after receiving first 6: instalments and the livestoc-4poultr #ill be

developed b %%& for specified months as per the terms of the scheme. ost of all charges

related to the agreement #ould be borne b the venturer. If the customer opts, the companbubac-s the &ivestoc- 4 poultr on an Estimated eali>able Falue (EF) as per the

plan4rule boo- at the end of the term.

1. *he aforementioned features of the socalled sale 4 purchase and development of livestoc" . poultr

offered b %%& have to be considered in light of the provisions of Section 11%% of the

SEBI %ct. Section 11%% provides for the conditions to determine #hether a scheme or

arrangement is a #collective investment scheme(! It reads as follo#s?

“11AA! )1* An scheme or arrangement which satisfies the conditions referred to in sub-section )2*

or sub-section )2A* shall be a collective investment scheme=

+rovided that an pooling of funds under an scheme or arrangement, which is not registered with

the 5oard or is not covered under sub-section )3*, involving a corpus amount of one hundred crore

rupees or more shall be deemed to be a collective investment scheme!

)2* An scheme or arrangement made or offered b an 31EpersonF under which,G

)i*

the contributions, or paments made b the investors, b whatever name called, are pooled and

utili&ed solel for the purposes of the scheme or arrangement

)ii* the contributions or paments are made to such scheme or arrangement b the investors with a

view to receive profits, income, produce or propert, whether movable or immovable from such

scheme or


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arrangement

*+ the propert, contribution or investment forming part of scheme or arrangement, whether

identifiable or not, is managed on behalf of the investors

*5+ the investors do not have da to da control over the management and operation of the scheme or

arrangement!”

)2A* An scheme or arrangement made or offered b an person satisfing the conditions as ma

be specified in accordance with the regulations made under this Act!”

16.

In the context of the abovementioned Section 11%% of the SEBI %ct, the scheme of

8ale.+urchase and development of plot offered b %%&, is examined as under?

. T" #%&$!B($%&', %! 7@6"&$' 6)" B@ $" &5"'$%!', B@ 2$"5"! &6" #33"), !"

7%%3") &) ($3:") %! $" 7(!7%'"' % $" '#"6" %! !!&0"6"&$.

%%& collects funds from the "client4 venturer' for the purchase of the livestoc-4poultr and

underta-es to develop them as part of various plans offered b it. *he contribution or

investment made b a "client4 venturer' are in accordance #ith the various “+ament +lan)s*

offered under the Scheme for 8ale.+urchase and development of livestoc".poultr vi&! "8cheme H

I+8-1 )0 Months*, 8cheme HI+8-2 )1 Months*, 8cheme H8+8-1 )66 Months* and 8cheme H8+8-2

)07 Months*, 8cheme H8+8-3 )6 Months*, 8cheme H8+8-9 )0 Months*, 8cheme H


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$%dvance for purchase of &ive Stoc-' is around s.2! rores, #hereas the inventor of the

livestoc- as per the Balance Sheet is onl around s. .546 rores. %s per the repl of %%&,

it had collected s. 5;,59,29,1514 from the investors4 venturers under its various schemes

detailed above.

In vie# of the aforesaid, it is evident that %%& is collecting funds from +client4 venturer for

its scheme and the contributions4funds collected from the +client4 venturer are pooled and

utili>ed for the purpose of the 7schemeK offered b %%&! ence, it is clear that the instant

KschemeK satisfies the first condition of " pooling of contribution or paments ", stipulated in Section

11%%()(i) of the SEBI %ct.

. T" #%&$!B($%&' %! 7@6"&$' !" 6)" $% '(# '#"6" %! !!&0"6"&$ B@ $"

&5"'$%!' 2$ 5"2 $% !"#"5" 7!%$', %6", 7!%)(#" %! 7!%7"!$@, 2"$"! 6%5B3"

%! 66%5B3" !%6 '(# '#"6" %! !!&0"6"&$.

%s per the "%ule 5oo" issued to the +client4 venturer, it is observed that an $/pected

%eali&able 'alue is indicated against specific pament plan offered b %%&. /or instance, in

respect of the scheme of "8+8A-1 )66 months* , for the " $/pected %eali&able 'alue " of s

9,25!4(#hich includes administration and maintenance charges), the total amount re0uired

to be paid b a +client4 venturer is onl s.:,:!!4(paid as monthl instalment of s.1!! for

:: months as the investment in the &ivestoc-4Aoultr). :t is stated in the %ule 5oo" that that “the compan ma also wish to bu bac" the stoc" if the venturer opts for, for an #$stimated %eali&able

'alue()$%'*! *he +Certificate , issued b %%& states that $he compan shall pa in :ndian currenc

at its Customer 8ervice Centre through corporate office, the amount due under this certification in accordance

with #erms( of the said #8chedule( to the person to whom the same is herein e/pressed to be paable!” *he

ertificate issued b %%& mentions the $ $stimated 8um paable ' to the lient or Fenturer at

the end of the term.

ence, it is clear that the second condition, #hich stipulates that the contributions or

paments are made to such scheme of arrangement b the investors #ith a vie# to receive

profits, income, produce or propert as stipulated in Section 11%% () (ii) of the SEBI %ct is

also fulfilled.


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. T" 7!%7"!$@, #%&$!B($%& %! &5"'$6"&$ %!6&0 7!$ % '#"6" % !!&0"6"&$,

2"$"! )"&$B3" %! &%$, ' 6&0") %& B"3 % $" &5"'$%!', &)

.

T" &5"'$%!' )% &%$ 5" )@-$%-)@ #%&$!%3 %5"! $" 6&0"6"&$ &) %7"!$%& %

$" '#"6" %! !!&0"6"&$.

%s has been noted in the preceding paragraphs, %%& agrees to allot the &ivestoc- 4Aoultr

(unidentified) to the client4 venturer upon execution of the “Application Jorm ' and after

full4part pament of consideration amount. It is further noted that the issuance of ertificate

to client4 venturer is construed as the confirmation that the client4 venturer registered for

the livestoc-4poultr boo-ed b them. *he allotment of such livestoc-4poultr to the client4

venture is at %%&7s discretion.

%%& reserves the right to discontinue4change4amend4modif or alter an of the

rules4regulation and paments schemes at an time at its sole discretion.. *hus, even after$allotment', neither the o#nership or nor possession of the livestoc-4poultr is transferred

b %%& to the client at an point of time. %s per the %ule 5oo", the compan shall have first

charge on the said propert on account of its unpaid instalments for services4development

charges and for other incidental expenses incurred b the compan, as the said propert

cannot be sold, assigned, mortgaged, pledged, alienated #ithout obtaining no dues certificate

from the compan in case of instalment pament plans.

In light of these facts and circumstance, it is clear that the venturers4investors do not have

datoda control over the management and operation of the 7Scheme(s)4 Alan(s)7 and that

the venturers4investors do not, at an stage, manage the propert, contribution or

investment forming part of the 7Scheme 4 Alan(s) 7and the contribution or investment is

managed and utili>ed. *hus, it appears that the management of the propert4investment is

managed b %%& on the behalf of investors and the investors do not have control over the

same. In vie# of the above, I find that the instant 7Scheme4 Alan(s)7 satisfies the third and

fourth conditions stipulated in section 11%%()(iii) and (iv) of the SEBI %ct.

1. In light of the above analsis and examination, it is clear that the activit of fund mobili>ation b

%%&, under the 7schemeK #ith a resultant promise of return."#$stimated %eali&able 'alue)$%'*,

#hen considered in light of peculiar characteristics and features of such scheme, as discussed in


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the preceding paragraphs, prima facie satisfies all four conditions specified in Section 11%% () of

the SEBI %ct.

15. In terms of Section 1(1B) of the SEBI %ct, no person shall sponsor or cause to be sponsored or cause to

be carried on a Kcollective investment schemeK unless he obtains a certificate of registration from the 5oard in

accordance with the regulations” . egulation 6 of the SEBI (ollective Investment Schemes)

egulations, 1;;; (hereinafter referred to as IS egulations), also prohibits carring on IS

activities #ithout obtaining registration from SEBI. *herefore, the

launching4floating4sponsoring4causing to sponsor an 7collective investment scheme7 b an

7person7 #ithout obtaining the certificate of registration in terms of the provisions of the IS

egulations is in contravention of Section 1(1B) of the SEBI %ct and egulation 6 of the IS

egulations. In this regard, I note that %%& has not obtained an certificate of registration underthe IS egulations for its fund mobili>ing activit from the public.

1:. It is also found that the activit of illegal mobili>ation of funds b %%& through its schemes,

prima facie, amounts to a fraudulent practice in terms of egulation ()(t) of SEBI( Arohibition

of /raudulent and @nfair *rade Aractices relating to Securities


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ect development e/penses of %s!1! crores mentioned in the financial

statements of AAL for J 213-19, alongwith the position for J 219-21!

• +AD of abovementioned Iirectors!

1;. *he above directions shall ta-e effect immediatel and shall be in force until further orders.

!. *his order shall be treated as a sho# cause notice and %%& and its abovementioned 3irectors

shall sho# cause as to #h appropriate directions under the SEBI %ct and IS egulations,

including directions in terms of egulations :5 and 26 of the IS egulations should not be

issued against them.


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1.

%%& and its 3irectors ma, #ithin 1 das from the date of receipt of this rder, file their repl,

if an, to this rder and ma also indicate #hether the desire to avail themselves an

opportunit of personal hearing on a date and time to be fixed on a specific re0uest made in that

regard.

93#": M(6 S. RAMAN

D$": (3@ 08, 2015 WHOLE TIME MEMBER

SECURITIES AND EXCHANGE BOARD OF INDIA

Interim Order in respect of Assure Agrowtech Limited

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