sebi:CO/429/CIS/12/2002

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

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Direction to refund money collected under the scheme(s) with returns due to investors within one month, failing which prosecution, debarment, referral to police, and winding-up proceedings to follow

Provisions invoked

• s. 11B
• s. 4(3)
• s. 24
• s. 12

Regulations

• Reg. 73
• Reg. 65
• Reg. 30A
• Reg. 70(2)

Parties

• M/s Rose Valley Resorts and Plantations Ltd., Kolkata

Holding

SEBI directed M/s Rose Valley Resorts and Plantations Ltd. to refund the money collected under its collective investment scheme(s) with returns due to investors within one month, failing which prosecution under Section 24, a 5-year debarment from the capital market, referral to state police, and winding-up proceedings would follow.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT 1992 READ WITH REGULATIONS 65 AND 73 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 1999, IN THE MATTER OF M/S ROSE VALLEY RESORTS AND PLANTATIONS LTD., KOLKATA. M/s Rose Valley Resorts and Plantations Ltd., Kolkata (hereinafter referred to as the company) filed certain information/details with SEBI regarding its collective investment schemes pursuant to SEBI’s Press Release dated 26.11.1997 and Public Notice dated 18.12.1997. Pursuant to the notification of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the said Regulations) on 15.10.1999 the company submitted an application for the grant of provisional registration with SEBI. As the details submitted by the company were not found to be satisfactory it was given a personal hearing before the then SEBI Chairman on 18.12.2000 wherein the company was directed to submit the following declaration / certificates to the satisfaction of SEBI for further processing of its application:

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Certificate from the Statutory Auditors of the company stating that they have not mobilized money from the public apart from their collective investment schemes.

Source: SecMarx — sebi:CO/429/CIS/12/2002. 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.