Business Today
Loading...
PTI feed
Story

Sebi orders Utkarsha Plotters, directors to wind up CIS

twitter-logoPTI | January 30, 2018 | Updated 22:42 IST

New Delhi, Jan 30 (PTI) Markets regulator Sebi today directed Utkarsha Plotters and Multi Agro Solutions India and its three directors to wind up within three months a collective investment scheme (CIS) through which the firm had mobilised over Rs 38 crore from investors.

According to an order, the regulator would "immediately" initiate recovery proceedings against the firm and its directors -- Mitharam Chhagan Gurav, Dipali Mitharam Gurav and Pravin Chhagan Gurav -- if they fail to close the scheme within the stipulated time limit.

In an order passed on April 5, 2016, Sebi had held that Utkarsha Plotters was engaged in mobilisation of funds from the public through various schemes of purchase, sale and development of plots of land, which were in the nature of CIS without obtaining requisite certificate of registration from Sebi.

While restraining the firm and its directors from mobilising funds under any CIS, the regulator had also directed them to wind up the existing scheme and refund the amount collected from investors with returns due to them.

"Sebi may also consider to initiate other proceedings against the entities, in accordance with law, if they fail to comply with the directions mentioned in order dated April 5, 2016," the regulator said in the fresh ruling.

Sebi also denied the request of the four entities to grant a time extension of five years to refund the investors.

"... the extension application lacks bonafides and fails to invoke any faith regarding compliance, even if extension of time is granted," the Securities and Exchange Board of India (Sebi) said. PTI VRN ABM

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close