INSUBCONTINENT EXCLUSIVE:
Mumbai: Markets regulator Securities Exchange Board of India (Sebi), in an order passed on Thursday, has attached financial assets of
directors of Lokmangal Agro Industries
to repay nearly Rs75 crore collected from investors through Lokmangal Agro Industries
Deshmukh and his wife are directors of company.
In May last year, regulator had ordered Lokmangal Industries to repay money collected from
investors as they were taken in violation of Companies Act and Issue of Capital and Disclosure Requirements (ICDR) regulations
take out funds and securities from bank/demat accounts on receipt of aforesaid notice of demand
Therefore, I am satisfied that in order to protect assets from any alienation, it is necessary to attach bank, demat and mutual fund
Deshmukh has attracted controversies ever since he was sworn in as a minister
Earlier, BJP minister was in news as his bungalow was constructed illegally on a piece of land that was meant to house a fire brigade
station.
A co-operative society founded by minister and headed by his son Rohan was found to be involved in forging government documents
The Lokmangal Multi-state Cooperative Society, founded by minister, had allegedly submitted forged and fabricated documents from Maharashtra
Pollution Control Board (MPCB), industrial security and health department of Solapur, Food and Drug Administration, deputy divisional
engineer and public works department.
The cooperative credit society founded by Deshmukh had furnished forged documents to avail of a grant
of Rs 24.81 crore from state agriculture department for a 10-metric tonne milk powder project and also for expansion of an existing dairy
plant.
While agriculture department issued grant, a subsequent investigation by department showed that most of government documents were
fake and, therefore, state cancelled grant.
Sebi alleged that Lokmangal Agro mobilised funds amounting to Rs 74.82 crore from 4,751
investors during FY10 to FY12 in violation of companies Act and Sebi regulations.
The regulator alleged that Lokmangal Agro issued
prospectus and advertisement for soliciting money from public for issue of securities.
It was found that its directors would allocate shares
to sugarcane farmers who used to provide sugarcane to their sugar mill.
