sebi:CO/154/CIS/09/2002
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Facts / Headnote
Direction to refund money collected under the scheme(s) with returns due to investors within one month, failing which further actions including writing to the Department of Company Affairs to initiate winding up of the company would follow.
Provisions invoked
- s. 11B
- s. 12
Regulations
- Reg. 73(1)
- Reg. 74
- Reg. 73
- Reg. 73(2)
- Reg. 65
- Reg. 5(1)
- Reg. 68(1)
Parties
- M/s. Bethel Green Growth Ltd.
Holding
SEBI directed M/s. Bethel Green Growth Ltd. to refund the money collected under its scheme(s) with returns due to investors within one month, failing which further enforcement actions including referral to the Department of Company Affairs for winding up would follow.
Full text
(Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the Regulations) dated October 15, 1999, any person who immediately prior to the commencement of the Regulations, was operating a Collective Investment Scheme(s), shall make an application to SEBI for grant of registration within a period of two months from the date of notification , under the provisions of the Regulations. SEBI having regard to the interest of the investors and requests received from various entities, extended the last date for submitting application by existing entities upto March 31, 2000 and the same was intimated by SEBI vide a press release and a public notice. However , you did not apply for grant of registration with SEBI as provided under the Regulations. As per regulation 73(1) of the Regulations, an existing Collective Investment Scheme which has failed to make an application for registration with SEBI, shall wind up the existing scheme(s) and repay the investors. Further as per regulation 74, an existing Collective Investment Scheme which is not desirous of obtaining provisional registration from SEBI shall formulate a scheme of repayment and make such repayment to the existing investors in the manner specified in regulation 73. SEBI vide letter dated December 29, 1999 and also by way of a public notice dated December 10, 1999, had given individual intimation in terms of regulation 73(2) which casts an obligation on you to send an Information Memorandum to all the invest
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fraud, cheating, criminal breach of trust and mis- appropriation of public funds. Writing to the Department of Company Affairs to initiate the process of winding up of your company. Place: Mumbai Date: September 3 ,2002 G.N. Bajpai Chairman Securities and Exchange Board of India 4.
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Source: SecMarx — sebi:CO/154/CIS/09/2002. 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.