Besides, the company and its directors have been barred from raising money from the public as well as capital markets.

The Securities and Exchange Board of India (Sebi) found that the company was inviting funds from the public for the 'purchase and development of plots ' through its schemes without due registration with it.

With immediate effect, the company and its promoters and directors --Avneesh Verma, Chandra Prakash Verma, Ajay Kumar, Ram Samujh Yadav have been asked to abstain from collecting any money from the investors or launch any CIS.

Besides, they have been restrained from the securities market for a period of four years.

Also, they have been asked to wind up all existing CIS of the company and refund the collected monies, with returns which are due to its investors as per the terms of offer, within three months.

Thereafter, within a period of 15 days, they have to submit a winding up and repayment report to Sebi, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds.

Sebi has also asked them to submit a proof including trail of funds, bank statements to support its contention that it has refunded money to investors. The company has to authenticate its claim that it has mobilised money from 37 investors.

Sebi has asked them to immediately submit a complete and detailed inventory of the assets owned by Ecogreen Realestate India, while they have been barred from alienating or disposing off or selling any of the assets of the company, except for the purpose of making refunds to investors.

If the company and its directors and promoters fail to comply with these directions, they would be barred from securities market even after the period of four years till the money is refunded to investors. Sebi would make a reference to the State Government/Local Police to register a civil or criminal case against them "for offences of fraud, cheating, criminal breach of trust and misappropriation of public funds".

Sebi further said it would also make a reference to the Ministry of Corporate Affairs to initiate the process of winding up of the company, while it "shall also initiate attachment and recovery proceedings" in the event of failure to comply with its directions.

"This order shall come into force with immediate effect," Sebi said.