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Q.Sterling Tree Magnum (India) Ltd Teak tree Purchase
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Q. Sterling Tree Magnum (India) Ltd Teak tree Purchase

Hi Sir,
My parents had purchased teak trees under the Sterling Tree Magnum plan in 1995 with maturity date as 2015 with one interim payment as I see in the certificate under my name. As I collect information, I see the following actions were initiated by SEBI
a.SEBI launched prosecution against STMIL and its Directors under Section 24 & 27 of the SEBI Act, 1992 and the matter i.e. C.C. No. 11040/2003 is pending before the Hon'ble XXIII Metropolitan Magistrate Court, Saidapet, Chennai.
b. SEBI had requested the police to file First Information Report (FIR) against the concerned officials of STMIL.
c. SEBI had requested the Ministry of Corporate Affairs (erstwhile Department of Company Affairs) to initiate winding–up of STMIL, for repaying investors.
There are a lot of victims like me, is there a procedure to move this way forward to get back our investments? Please suggest.
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A. Dear Sir,
It is a complicated matter and without looking into the documents and orders no legal advise can be given.

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A. It is best advised that you do not initiate as SEBI is already looking into this matter., As is also mentioned that STMIL is into a stage of winding up and SEBI has directed to repay its investors/ customers [one of which is you].
You will get your payment as and when such proceedings settle.
Thanks
Shreyash Mohta

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Shreyash Mohta

Experience: 1 Year(s)

Responded 4 weeks ago

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