The Securities and Exchange Board of India (SEBI) has issued a strong warning against purchasing or dealing with any properties belonging to Sunshine Global Agro Ltd and its directors. The market regulator cautioned that unauthorized transactions, encroachments, or trespassing on these assets would lead to legal consequences.
Illegal Encroachments and SEBI’s Warning
SEBI discovered that certain individuals and entities were illegally acquiring or taking possession of properties linked to Sunshine Global Agro. In response, the regulator issued a notice last week, advising the public to avoid any transactions involving these properties. SEBI clarified that no one is allowed to illegally occupy, trespass, or claim ownership of the company’s assets.
The regulator further warned that any unauthorized actions would be subject to strict legal proceedings under applicable laws.
History of SEBI’s Action Against Sunshine Global Agro
Sunshine Global Agro, formerly known as Sunshine Forestry Private Limited, has been under SEBI’s scrutiny for several years due to its involvement in unauthorized investment schemes.
July 2014: SEBI prohibited the company and its directors from raising funds from investors or launching new schemes. The company was found to be collecting money through unregistered collective investment schemes (CIS) under the guise of selling Jatropha plants and trees.
February 2019: SEBI directed Sunshine Global Agro not to sell or transfer any of its assets, except for refunding investors. However, the company failed to comply, prompting SEBI to initiate recovery proceedings.
March 2019: SEBI imposed a ₹1 crore penalty on the company for illegally raising ₹38 crore from 39,290 investors through its unregistered CIS.
December 2020: Due to non-payment of the fine, SEBI ordered attachment of the company’s and its directors’ bank and demat accounts to recover the pending dues, which stood at ₹1.09 crore, including penalties, interest, and recovery costs.
Despite these regulatory actions, SEBI recently found that some individuals were attempting to acquire or take illegal possession of Sunshine Global Agro’s properties, leading to the latest public caution notice.
SEBI’s Final Warning
SEBI has reiterated that any dealings involving the company’s properties are illegal. The public is strongly advised not to engage in any transactions related to Sunshine Global Agro’s assets to avoid legal trouble. The regulator remains committed to protecting investors and ensuring compliance with financial laws.
