Prakash Ganpat Utekar

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.
• SAT matter SATV-20EC07FF53690066E4AFB292
  Adjournment granted; appeal to be listed on 19 August 2025
  Appeal: Appeal No. 371 of 2025, with Miscellaneous Applications Nos. 869 and 870 of 2025; adjourned on 11 August 2025 to 19 August 2025
• SEBI prima facie treated the appellants' business as a Collective Investment Scheme under Section 11AA of the SEBI Act.
  Appellants to file their reply on or before 10 August 2015. · SEBI WTM to hear the appellants by 13 August 2015 and pass and communicate an order by 24 August 2015.
  Appeal: Appeal Nos. 336 of 2015 and 359 of 2015 disposed of together on 6 August 2015, without costs.
• Alleged non-compliance with SEBI’s directions prohibiting Citrus Check Inns Limited and its directors from collecting money under schemes or launching new schemes while conducting CIS activities.
  Appeals challenge the AO’s ex parte order dated December 28, 2018 imposing ₹50 lakh penalty jointly and severally. · Tribunal considered appellants’ natural-justice challenge based on alleged non-service of SCN, hearing notices and impugned order.
  Appeal: Appeal Nos. 371, 372 and 374 of 2025 under Section 15T; order pronounced June 15, 2026; final disposal outcome is not included in the supplied extract.
• Alleged operation of refundable time-sharing holiday plans as unregistered Collective Investment Scheme under Section 11AA SEBI Act.
  Abstain from collecting money or launching/carrying on CIS including identified schemes · Restrained from accessing securities market and dealing in securities for 4 years
• SAT matter SATV-3C2CB3DDCDC5A0B7854E6242
  Heard in part; posted for further hearing on April 06, 2026
  Appeal: Appeal No. 371 of 2025 with Misc. Applications 869-870 of 2025 heard in part on 16.03.2026; next hearing April 06, 2026
• SAT matter SATV-3C09E82F127C3051AFBABEAE
  Adjourned and listed on November 14, 2025 at appellant's request for time
  Appeal: Appeal No. 461 of 2025 pending before SAT Mumbai; adjourned to November 14, 2025
• SAT matter SATV-73A873CBEC36C131B8C63C75
  Matter adjourned to 25.08.2026 at request of SEBI counsel
  Appeal: Appeal Nos. 460, 461 and 462 of 2025 with Misc. Applications Nos. 1064, 1065 and 1066 of 2025 pending; adjourned to 25.08.2026
• SAT matter SATV-8526155B50B87DDFA7DAD26B
  Adjournment granted at appellant's request; matter to be called on March 16, 2026
  Appeal: Appeal No. 371 of 2025 with Misc. Application Nos. 869 and 870 of 2025 pending; adjourned to March 16, 2026 vide order dated 09.03.2026
• SAT matter SATV-7F20824F1BA663605E249209
  Adjournment granted by consent; list for admission on March 9, 2026
  Appeal: Appeal No. 371 of 2025 with Misc. Application No. 869 of 2025 and Misc. Application No. 870 of 2025 pending; adjourned to March 9, 2026 for admission
• 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.
• Allegedly operating unregistered Collective Investment Schemes via refundable time-sharing holiday plans promising refund with additional benefit if holiday not availed.
  Abstain from collecting money or launching/carrying on CIS including identified schemes · Restrained from accessing securities market and dealing in securities for 4 years
  Appeal: Appeal No.436 of 2015 and Appeal No.437 of 2015 against SEBI order dated 21 August 2015; order reserved 21/01/2016, decision 03/02/2016
• Alleged operation of unregistered Collective Investment Scheme by collecting money from members under existing and new schemes.
  Appellants to file reply, if any, on or before August 10, 2015 · WTM of SEBI to hear appellants on or before August 13, 2015 on sustainability of prima facie view
  Appeal: Appeal Nos. 336 of 2015 and 359 of 2015 heard together and disposed of on 06.08.2015 by common order
• SAT matter SATV-F6E3689AE3B274137536B5CF
  Condonation of delay allowed; Misc. Applications 1064, 1065 and 1066 of 2025 disposed of · Appeals admitted; SEBI granted six weeks to file reply and appellant three weeks thereafter for rejoinder
  Appeal: Appeal Nos. 460, 461 and 462 of 2025 admitted on 14.11.2025; stay of recovery subject to 25% deposit; next date 10.02.2026
• SAT matter SATV-63C46B915804638441A9A5E8
  SEBI granted six weeks to file its reply on delay and merits · Appellant may file rejoinder within three weeks thereafter
  Appeal: Appeal No. 371 of 2025, with Miscellaneous Application Nos. 869 and 870 of 2025; order dated 19 August 2025; adjourned for reply and rejoinder
• SAT matter SATV-886E44BA2683653B1E7D3D9A
  Part heard - matter to be called on April 9, 2026
  Appeal: Appeal No. 371 of 2025 with Misc. Application No. 869 of 2025 and Misc. Application No. 870 of 2025 - part heard on 06.04.2026, next date April 9, 2026
• SAT matter SATV-80EE4D8FBC9A30CF5A747BB4
  Four weeks time granted to appellant to file rejoinder · Matter to be called on 27.01.2026
  Appeal: Appeal No. 371 of 2025 with Misc. Application Nos. 869 and 870 of 2025 pending; adjourned to 27.01.2026
• SAT matter SATV-DE4F86CA24BA353A699DF611
  Order reserved after hearing parties
  Appeal: Appeal No. 371 of 2025 with Misc. Application Nos. 869 and 870 of 2025 - heard on 09.04.2026, order reserved