IN THE SECURITIES
APPELLATE TRIBUNAL
MUMBAI
Appeal No. 149� of 2003
Present :�
None for the appellant ����������������� Mr. Subhash Jha, Advocate for
the respondent Coram: ��������� Justice N.K. Sodhi, Presiding Officer ����������� C.
Bhattacharya, Member ����������� R.
N. Bhardwaj, Member Per:�
Justice N.K. Sodhi, Presiding Officer (oral) ����������� �This appeal is directed against the order
dated 29.5.2003 passed by the Securities and Exchange Board of India (for short
�the Board�) debarring the appellant company, its promoters, directors,
managers and persons in charge of running the business of collective investment
schemes from operating in the capital market and accessing the capital market
for a period of 5 years from the date of the order.� It is not in dispute that by a detailed order
dated 14.2.2003 the Board found that the Company was running collective
investment schemes whereunder it had mobilised large amount of money without
complying with the statutory requirements of Securities and Exchange Board of
India Act, 1992 (for short the Act) and the Securities and Exchange Board of
India (Collective Investment Schemes) Regulations, 1999 (hereinafter referred
to as the Regulations).� The Company had
violated the provisions of Regulations 73 and 74 of the Regulations by not
winding up the schemes and by not refunding the amounts due to the
investors.� The Board also found that as
on
19.4.2006 //SR24/4/06 14:33 |
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