"Further, considering the COVID-19 outbreak and resultant lockdown imposed during the last week of March 2020, which has caused disruption in postal services, the claim forms were even continued to be received even after the stipulated date," it said.
Administrators have been appointed for sale of properties of the firms to realise money for making payments to the investors.
The Securities and Exchange Board of India (Sebi) said "no claim forms shall be accepted by the Administrator after close of office hours on October 16, 2020".
Blessing Agro Farm and Asurre Agrowtech engaged in illegal fund mobilising activity by floating or sponsoring unregistered collective investment scheme.
According to a Sebi order, Blessing Agro Farm collected Rs 84.30 crore from over 1.3 lakh investors and claimed to have paid back around Rs 10.41 crore to nearly 13,000 investors.
The outstanding amount is Rs 74 crore, as per the regulator's order.
Asurre Agrowtech had raised Rs 69.30 crore under its schemes and claims it paid Rs 12 crore as on December 2015. The firm needs to refund the remaining Rs 57.55 crore.
Sebi has already initiated recovery proceedings against the two firms and has attached bank and demat accounts and movable and immovable properties of the defaulters.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.