sebi:WTM/PS/45/IMD/CIS/AUG/2015
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Facts / Headnote
Interim directions dated June 03, 2015 confirmed and continued till further orders of SEBI; SEBI directed to conduct investigation and conclude expeditiously.
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 200
- Reg. 4(2)(t)
- Reg. 2(z)
Parties
- Citrus Check Inns Limited
- Mr. Omprakash Basantlal Goenka
- Mr. Prakash Ganpat Utekar
- Mr. Venkatraman Natrajan
- Mr. Narayan Shivram Kotnis
Holding
SEBI's Whole Time Member confirmed the ex parte ad interim order dated June 03, 2015 restraining Citrus Check Inns Limited and its directors from mobilising funds under its holiday plans, finding the prima facie view that the activities constitute an unregistered Collective Investment Scheme to be sustained after hearing.
Full text
Page 2 of 22 “… 4. … In this view of the matter, without going into the merits of the case we direct the appellants to file their reply, if any, on or before August 10, 2015 and the WTM of SEBI is directed to hear the appellants on or before August 13, 2015 and thereafter pass appropriate order thereon and communicate the same to the appellants on or before August 24, 2015. It is made clear that the hearing shall be restricted to the question as to whether the prima facie view contained in the ex parte ad interim order dated June 3, 2015 on the grounds set out therein can be sustained after hearing the appellants or not.
Page 3 of 22 b. This interim order directed Citrus Check Inns Limited and its directors, viz., Mr. Omprakash Basantlal Goenka, Mr. Prakash Ganpat Utekar, Mr. Venkatraman Natrajan and Mr. Narayan Shivram Kotnis (hereinafter collectively referred to as ‘noticees’: "● not to collect any fresh money from “customers”/investors under its existing scheme; ● not to launch any new schemes or plans in this company, ● not to raise any fresh moneys from any other existing company within the group; ● not to float any new companies to raise fresh moneys under such schemes, ● to immediately submit the full inventory of the assets obtained through money raised by Citrus; ● not to dispose of or alienate any of the properties/assets obtained directly or indirectly through money raised by Citrus; ● not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of Citrus or group companies or promoters or LLPs or Proprietary concerns or any person directly or indirectly controlled through shareholding or management by Citrus ; ● to furnish all the information/details sought by SEBI within 15 days from the date of receipt of this order including the following: i. Full list of “customers”/ investors with complete particulars such as PAN, address, telephone numbers etc., ii. Details of rooms available for occupancy/accommodation provided/projected to be provided, iii. Year-wise number of “customers”/investors (1) who have actually availed the holiday accommodatio
Page 4 of 22 themselves an opportunity of personal hearing on a date and time to be fixed on a specific request made in that regard."
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Source: SecMarx — sebi:WTM/PS/45/IMD/CIS/AUG/2015. 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.