The State has sought the President's consent to the Ordinance, he said replying to a calling attention motion tabled by Nawab Malik (SP) and six others in the Legislative Assembly.

Munde said the proposed law would provide for jail terms upto six years, imposition of fine up to Rs 1 lakh, seizure of property of directors and promoters of the companies and setting up special courts to try such cases.He said that the State had approached a TN court for custody of the chief of one such plantation company, Anubhav Plantations, which had cheated 355 people of Mumbai and Pune of Rs 17 crore.Munde said Maharashtra would be the second state after T N to have a law to prevent cheating by such organisations.