Plantation companies warned against flouting norms

The court directed the companies to furnish the list of their present directors along with details of their assets including date, cost and present value of acquisitions.

The court also directed these companies to pay credit rating charges to rating agencies and complete other formalities necessary for getting credit rating done. The case will come up for hearing on February 1.

The court order came on a petition filed by the Forum of Investors in Agro-Plantationcompanies. The court had barred these plantation companies from raising funds by floating new schemes without its permission.

While asking these companies to get themselves credit rated from recognised credit rating agencies, approved by SEBI, the court had also directed them not transfer their immovable properties and furnish details of their assets and liabilities with the date of its acquisition to the court.

The court had made all 591 plantation companies as party in this case.

The court had clarified that its order would not come in the way of companies intending to refund the money to the investors.

The bench also directed these firms to comply with Sebi directions issued from time to time.