Asurre Agrowtech case: Sebi receives 10,574 investors’ claims for refund

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January 21, 2021 8:43 PM

As on October 16, 2020, a total of 10,574 investors of the company have submitted claim forms to the regulator for refund of over Rs 30 crore, the Securities and Exchange Board of India (Sebi) said in a notice.

sebiSebi has already initiated recovery proceedings against the firm

As many as 10,574 investors have submitted claim forms to Sebi for refund of money invested by them in an illegal investment scheme floated by Asurre Agrowtech, the markets regulator said on Thursday.

The last date for submitting refund applications along with original proof of investments was October 16, 2020. The initial deadline was February 29, 2020 and the same was extended following requests from investors.

As on October 16, 2020, a total of 10,574 investors of the company have submitted claim forms to the regulator for refund of over Rs 30 crore, the Securities and Exchange Board of India (Sebi) said in a notice.

Asurre Agrowtech was engaged in illegal fund mobilising activities.

The company had raised Rs 69.30 crore and claimed it paid Rs 12 crore as on December 2015. However, it did not provide any verifiable proof regarding its claim.

Sebi has already initiated recovery proceedings against the firm and has attached bank and demat accounts as well as moveable and immoveable properties of the defaulters after they failed to refund investors’ money.

In May 2016, the regulator had asked Asurre Agrowtech and its directors to refund investors’ money, which was raised through the illegal investment scheme, in three months.

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