Citrus Check Inns Ltd.

SAT-appeal

• SEBI alleged prima facie that Citrus’s time-sharing holiday plans constituted collective investment schemes and involved money mobilisation from the public, with possible diversion of investor funds.
  Appeals challenged SEBI’s confirmatory order dated 24 August 2015 continuing the interim directions. · Interim directions restrained fresh money collection, new schemes, fund raising through group entities, asset disposal and fund diversion, and required information submission.
  Appeal: Appeal Nos. 416 of 2015 and 421 of 2015 were heard together and decided by SAT on 3 February 2016; the supplied text does not include the final operative disposal portion.
• Whether Citrus’s time-sharing holiday plans/schemes constituted a collective investment scheme and whether SEBI could continue interim restraints pending investigation.
  Appeals challenged SEBI’s confirmatory order dated 24 August 2015 continuing the 3 June 2015 interim directions. · Interim restraints continued till further orders of SEBI, including prohibition on fresh money collection, new schemes and asset disposal.
  Appeal: Appeal Nos. 416 of 2015 and 421 of 2015, decided by SAT on 3 February 2016; operative disposal outcome is not included in the supplied text.