sebi:WTM/KMA/NRO/IMD/315/11/2010
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Facts / Headnote
Company directed to wind up its collective investment scheme(s) and refund money collected with returns due to investors within one month, failing which prosecution, debarment, and references to State Government and Ministry of Corporate Affairs to follow
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 12
Regulations
- Reg. 68
- Reg. 74
- Reg. 73
- Reg. 65
- Reg. 5
Parties
- Nicer Green Forests Limited
Holding
SEBI held that the schemes operated by Nicer Green Forests Limited constituted a collective investment scheme under Section 11AA of the SEBI Act and that the company failed to obtain registration or wind up the schemes as required under Section 12(1B) of the SEBI Act and Regulations 73 and 74 of the CIS Regulations. The company was directed to wind up its schemes and refund investors' money with returns within one month.
Full text
Page 2 of 11 therein. The company contended that it had not carried on, sponsored, or launched any CIS without obtaining a certificate of registration under the CIS Regulations. It further requested for required documents for the purpose of the grant of certificate of registration, if required. Subsequently, SEBI, vide letter dated April 22, 2004, while referring to the sample registration letter issued by the company under its schemes, informed the company that:
Page 3 of 11 above mentioned letters, the company vide letter dated nil (received by SEBI on July 5, 2004) reiterated the submissions made vide its earlier letter dated March 18, 2004. It also forwarded specimen copies of the registration letter and certificate. A document containing details of its various schemes was also annexed.
Page 4 of 11 Advocate, appeared on behalf of the company and made submissions on the lines of the aforesaid submissions and requested SEBI to drop the present proceedings.
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Source: SecMarx — sebi:WTM/KMA/NRO/IMD/315/11/2010. 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.