sebi:WTM/GM/EFD/45/2018-19
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Facts / Headnote
Representation dated January 29, 2018 disposed of with extension of four months till November 30, 2018 to complete refund as per order dated August 28, 2017
Regulations
- Reg. 65
Parties
- Networth Marketing Ltd.
- Anis Mohamad Kazi
- Bhaskar Bhao Vasage
- Mahendra Mahadeo Bhuvad
- Nuruddin Shaikh
- Bhalerao Yaswant Misal
- Partha Ghosh
Holding
The time for Networth Marketing Ltd. and its directors to comply with the refund direction issued vide order dated August 28, 2017 was extended by four months until November 30, 2018, with a direction to submit a winding up and repayment report within seven days of completion.
Full text
Order in the matter of Networth Marketing Ltd. Page 2 of 6 schemes and refund the amount collected from investors with returns which are due to them as per the terms of offer, within a period of three months from the date of the Order.
Order in the matter of Networth Marketing Ltd. Page 3 of 6 investors. They have refunded an amount of Rs.21.46 crore to the investors before the final
Order in the matter of Networth Marketing Ltd. Page 4 of 6 The entities have urged that they may be granted a time of 3 months to (i) furnish complete audited account of the maturity amount paid to the investors and (ii) to make repayment and settlement of accounts through sale of plots of land. It has been stated that they will be able to refund an amount of at least Rs. 8 crore to the investors during this period. It has been also urged that, after the initial three months’ time, they may be granted time of another 3 months for payment of balance maturity amount to the investors and for submission of all records related to repayment.
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Source: SecMarx — sebi:WTM/GM/EFD/45/2018-19. 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.