M/s. HBN Dairies & Allied Limited

SAT-appeal

• Schemes floated by HBN Dairies were held to be unregistered Collective Investment Schemes, with directions to refund money collected from investors with promised returns.
  SEBI may revalue the immovable properties whose title deeds were deposited; the report must be provided before auction. · SEBI shall sell the deposited immovable properties expeditiously, preferably within six months from 28 June 2017.
  Appeal: Appeal No. 216 of 2015 and Appeal No. 292 of 2016 disposed of on 28 June 2017; all connected miscellaneous applications also disposed of with no order as to costs.
• Schemes floated by HBN Dairies held to be unregistered Collective Investment Schemes, money collected from investors with promised returns.
  SEBI at liberty to revalue immovable properties with title deeds deposited, share report before auction · SEBI to sell deposited immovable properties expeditiously, preferably within 6 months
  Appeal: Appeal No.216 of 2015 and Appeal No.292 of 2016 disposed by SAT order dated 28.06.2017; modified by order dated 19.07.2017
• Schemes floated by HBN Dairies held to be Collective Investment Schemes run without SEBI registration, collecting money with promised returns
  SEBI may revalue deposited immovable properties and furnish revaluation report to appellants before auction · SEBI to sell deposited immovable properties expeditiously, preferably within 6 months from 28.06.2017
  Appeal: Appeal No. 216 of 2015 and Appeal No. 292 of 2016 disposed on 28.06.2017 with no order as to costs