Venkatraman Natrajan

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.
• 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.
• 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