sebi:QJA/AA/AFD-1/AFD-1-SEC/29946/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations established against the Fund/Investment Advisor and concerned directors/trustees; monetary penalties imposed totaling Rs.1.5 crore and directions issued to provide exit, wind up Schemes I, II and IV and file CA-certified compliance reports.
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 19
- s. 11(1)
- s. 12
- s. 15H
- s. 27
- s. 15J
- s. 15F
- s. 15C
Regulations
- Reg. 11
- Reg. 3
- Reg. 16
- Reg. 17
- Reg. 12
- Reg. 25
- Reg. 15
- Reg. 29
- Reg. 22
- Reg. 27
- Reg. 11(1)
- Reg. 21
- Reg. 23
- Reg. 16(1)
- Reg. 17(1)
- Reg. 27(2)
- Reg. 111
- Reg. 24(2)
- Reg. 17(1)(l)
- Reg. 23(1)(a)
Holding
SEBI held that CIG Realty Fund Schemes I, II and IV were not wound up after expiry of tenure as per PPM in violation of Regulation 23(1)(a) and that other VCF violations were established, imposing penalties totaling Rs.1,50,00,000 and directing Noticee Nos. 01, 02, 03, 04, 06, 10, 11 and 12 to provide exit to all investors, wind up the schemes and file three separate CA-certified reports.
Full text
Order in the matter of CIG Realty Fund – Scheme I, II and IV Page 2 of 63 mentioned in the placement memorandum / PPM, non-liquidation of the schemes upon completion of the tenure of the fund, non-receipt of money invested in funds, cheating and poor performance of the fund were made against VCF-CIGRF. The complaints received against CIGRF were forwarded to the fund by SEBI on SCORES. However, it was observed that CIGRF did not redress the complaints forwarded to it.
Order in the matter of CIG Realty Fund – Scheme I, II and IV Page 3 of 63 Management Pvt Ltd (Formerly Unitech Advisors (India) Pvt Ltd. / Unitech Realty Investors (India) Pvt. Ltd.) from November 19, 2020. The directors of the investment advisors/fund manager were/are as under tabulated below: Sr No Name of the director Designation Date of appointme nt Date of resignation or end of term PAN DIN Present address Con tact num ber Presen t email addres s
Order in the matter of CIG Realty Fund – Scheme I, II and IV Page 4 of 63 manager – Legal 9 Nitish Aggarw al AVP 4. With respect to Scheme – I & II, it is noted that during the inspection carried out by SEBI, no information was received from VCF-CIGRF in response to the said schemes, even after follow up, to the pre-inspection questionnaire sent to them. In view of the same, the information in regard to schemes I & II as available in the adjudication order dated March 28, 2019 passed by the Adjudicating Officer has been considered for the purpose of the present proceedings. The details of the Schemes I and II as per the
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:QJA/AA/AFD-1/AFD-1-SEC/29946/2023-24. 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.