Omprakash Basantlal Goenka

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.
• 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.
• SAT matter SATV-2670EAD613A66F6E2BCA2647
  SEBI was granted an additional two weeks to file its reply · Matters listed for hearing on April 21, 2026
  Appeal: Appeal Nos. 460, 461 and 462 of 2025; order dated February 10, 2026; appeals adjourned for SEBI's reply and listed on April 21, 2026
• 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-D6D7B36FC38A3EF8D58FFFB7
  Part heard; matter to be called on April 9, 2026
  Appeal: Appeal No. 374 of 2025 with Misc. Application No. 942 of 2025 - part heard on 06.04.2026, next listed April 9, 2026
• 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.
• SAT matter SATV-ED057D657C33E5170E18473D
  Respondent SEBI granted additional two weeks time to file reply · Matter adjourned and to be called on April 21, 2026
  Appeal: Appeal Nos. 460, 461 and 462 of 2025 pending before SAT; reply due in two weeks; next date April 21, 2026
• SAT matter SATV-E795E5D80850ACFB1978A5DA
  Call on 24.06.2026 after SEBI sought time
  Appeal: Appeal Nos. 460, 461 and 462 of 2025 pending; adjourned to 24.06.2026 vide order dated 21.04.2026
• 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-F8CBF2BEE42F6BA8274B93D7
  Respondent SEBI granted additional two weeks to file reply · Matter listed on April 21, 2026
  Appeal: Appeal Nos. 460, 461 and 462 of 2025 pending; SEBI granted two weeks to file reply; next date April 21, 2026
• SAT matter SATV-662C1C8D6B2C7F3915BA35E8
  SEBI granted six weeks to file its reply on delay and merits · Appellant may file rejoinder within three weeks thereafter
  Appeal: Appeal No. 374 of 2025, along with Misc. Application No. 942 of 2025; order dated 19 August 2025 granted time for reply and rejoinder; listed on 6 November 2025
• SAT matter SATV-BFBB087D68C8E3DB3701D433
  Order reserved after hearing learned advocates for parties on 09.04.2026
  Appeal: Appeal No. 374 of 2025 heard on 09.04.2026; order reserved, no disposal yet
• SAT matter SATV-D52F7FACDD559F495FE693C4
  Adjournment granted at appellant's request, matter to be called on March 16, 2026
  Appeal: Appeal No. 374 of 2025 with Misc. Application No. 942 of 2025 pending before SAT; adjourned vide order dated 09.03.2026 to March 16, 2026
• SAT matter SATV-F836764120FFB82FD6ED30B3
  Adjourned at request of appellant; listed on November 14, 2025
  Appeal: Appeal No. 460 of 2025 along with Misc. Application No. 1064 of 2025 adjourned to November 14, 2025 vide order dated 14.10.2025