sebi:CO/148/CIS/08/2002

SEBI · SEBI · 1997-11-26 · G.N. Bajpai, Chairman

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Facts / Headnote

Direction to refund money collected under the scheme(s) with returns due as per terms of offer within one month, failing which prosecution, debarment and referrals to follow

Provisions invoked

• s. 11B
• s. 11
• s. 24
• s. 12

Regulations

• Reg. 73
• Reg. 65
• Reg. 30A

Parties

• M/s. Emerald Green Forest Ltd

Holding

SEBI directed M/s. Emerald Green Forest Ltd to refund money collected under its scheme(s) with returns due to investors as per terms of the offer within one month from the date of the order.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ DIRECTIONS UNDER SECTION 11 B OF THE SEBI ACT 1992 READ WITH REGULATIONS 65 & 73 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 1999 ISSUED AGAINST M/S. EMERALD GREEN FOREST LTD You had filed information/details with SEBI regarding your Collective Investment Schemes pursuant to SEBI Press Release dated November 26, 1997, and/or public notice dated December 18, 1997 and/or our letter. Subsequent to the notification of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the Regulations) dated October 15, 1999, you had applied for registration under the provisions of the Regulations. Based on your application and other details available on record, and because of your request for withdrawal of your application for grant of registration vide your letter dated 26 December, 2001, your application was rejected by SEBI. While intimating you of the grounds of rejection of your application, it was also intimated to you that as your application has been rejected, as an existing Collective Investment Scheme, you were required to wind up your existing scheme(s) and make repayments to the investors in terms of Regulation 73 of the Regulations. Accordingly, you were required to send an information memorandum to the investors, who had subscribed to your scheme(s), within two months from the date of receipt of the intimation from SEBI. Further, on completion of the winding up

your application was rejected by SEBI. While intimating you of the grounds of rejection of your application, it was also intimated to you that as your application has been rejected, as an existing Collective Investment Scheme, you were required to wind up your existing scheme(s) and make repayments to the investors in terms of Regulation 73 of the Regulations. Accordingly, you were required to send an information memorandum to the investors, who had subscribed to your 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, you were required to file a "Winding Up and Repayment Report" in the format prescribed by SEBI so as to reach SEBI within 3& ½ months of the date of the information memorandum. However, you have failed to comply with the aforesaid requirements and therefore, you have prima facie violated the provisions of section 12(1B) of SEBI Act, 1992 and the provisions of Regulation 73 of the Regulations. Now, therefore, in exercise of the power conferred upon me under section 11B of the SEBI Act,1992, in terms of Regulation 65 of the Regulations, I hereby direct you to refund the money collected under the scheme(s) with returns which is due to the investors as per the terms of the offer within a period of one month from the date of this Order failing which the following actions would follow : Initiation of prosecution under section 24 of SEBI Ac

Securities and Exchange Board of India Order against M/s. Emerald Green Forest Limited  th SEBI | Order against M/s. Emerald Green Forest Limited https://www.sebi.gov.in/enforcement/orders/aug-2002/order-against-m-... 1 of 1 21-10-2025, 14:38

Source: SecMarx — sebi:CO/148/CIS/08/2002. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.