Vgp Argo farms rejected by Sebi

CO/397/CIS/12/2002 DIRECTIONS UNDER SECTION 11 B OF THE SEBI ACT 1992 READ WITH REGULATIONS 65 & 73 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 1999 ISSUED TO   M/S VGP AGRO FARMS LTD, CHENNAI M/s VGP Agro Farms Ltd., Chennai (hereinafter referred to as the company), had applied for registration under the provisions of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred as the Regulations). However, the said application was rejected as withdrawn. This rejection of the application was communicated to the company by SEBI vide its letter dated 12.02.2002 wherein the company was advised that as the application of the company has been rejected it was required to wind up its existing scheme(s) and make repayment to the investors in terms of Regulation 73 of the Regulations. Accordingly, the company was required to send an Information Memorandum to the investors, who had subscribed to its scheme(s), within two months from the date of receipt of the intimation from SEBI. Further, on completion of the winding up and repayment to the investors in terms of Regulation 73, the company was required to file a ‘Winding up and Repayment Report’ in the format prescribed by SEBI so as to reach SEBI within 3½ months of the date of the Information Memorandum. As the company failed to comply with the aforesaid provisions, I, in exercise of powers conferred upon me under Section 11B of the SEBI Act read with the Regulation 65 of the Regulations, vide my order dated 31.08.2002 directed the company to refund the money collected under their scheme(s) with return which is due to the investors in terms of the offer within a period of one month from the date of the order. Vide said directions the company was forewarned that in case of non compliance various actions mentioned in the said order would follow. The company however, has failed to comply with the aforesaid directions and has not repaid to the investors in terms of the said directions. Now, therefore, in terms of the directions dated 31.08.2002 and in exercise of powers conferred upon me under Section 11B of SEBI Act, 1992, read with Regulation 65 of the Regulations, I hereby debar the company / its promoters / its directors / its managers / persons in charge of the business of its schemes (whose names are mentioned in the Annexure) from operating in the capital market and from accessing the capital market for a period of 5 years from the date of receipt of this order. This is without prejudice to SEBI’s right to take any other action as it may deem fit.     Place: Mumbai9; Date: 3rd December, 02

Central Crime Branch (CCB) sleuths on Thursday arrested a director of the VGP group

Businessmand arrested for illegally selling property TNN Sep 24, 2010, 12.27am IST CHENNAI: Central Crime Branch (CCB) sleuths on Thursday arrested a director of the VGP group for illegally selling a 5.5-acre poperty owned by one of his uncles to another uncle. The police said VGP Rajadoss sold the property, worth Rs 35 crore and owned by his uncle Mariadoss, to VG Santhosam after Mariadoss' death in 2008. A search is on for Santhosam, who was named in the First Information Report. The said property is located in Karambakkam village near Neelankarai on the ECR. The issue came to light when Mariadoss's legal heirs approached the revenue department in 2009 saying the property had been sold without their knowledge. Mariadoss had allegedly given power of attorney status to Rajadoss when he was alive. And after Mariadoss' death in early 2008, Rajadoss, armed with that status, approached the revenue department in November 2008. The police said he had hidden the fact of the death of Mariadoss to revenue officials. Police sources said Rajadoss forged Mariadoss' signature in the revenue records and created fake documents. He also could have engaged another person to impersonate Mariadoss before the revenue officials, the sources added. "Though the transaction happened within the family, it is illegal as Rajadoss sold the property without informing Mariadoss' legal heirs even after his death. The power of attorney status, given by Mariadoss to Rajadoss, was no longer valid as the property was sold in November 2008 nearly 10 months after Mariadoss's death," a senior police officer said. On Thursday, police teams went to Rajadoss's house on VGP Salai in Saidapet and picked him up for interrogation. After initial inquiries revealed that he had intentionally commited the offence, he was arrested. A case had been registered, based on the complaint of Mariadoss's son-in-law Edwin Christopher, under various Sections, including 420 (cheating), of the Indian Penal Code (IPC), by the CCB. Police said the late business tycoon, VG Panneerdoss, had five sons and three daughters. Rajadoss is his second son and the senior director of VGP Housing Pvt Ltd in Chennai. Mariadoss had married Panneerdoss's sister Mariammal. Santhosam is Panneerdoss's brother.

In 1997, I  purchased a housing plot (About 485 sq m area)from a well reputed south Indian business group - VGP Group. I purchased the plot in Kodaikanal when they held their property show in Dubai in 1997 .I have all  the  related documents.But the problem is that they have not developed any infrastructure etc to build a home there and so feel cheated.I feel that the place is not suitable to build any home and looks like a jungle when I visited in May 2012.

      They had promised to build a clubhouse, road, electricity and related infrastructure . The land has not even been marked into plots even after 15 years. Please contact me if you have been conned by this so that we can take collective action