Decided on January 06,2003



G.N.Bajpai, - (1.) M/s. Touchwood Agrotech (P) Ltd., Chennai (hereinafter referred to as "Company") having its office at # 63, 3rd Street, W- Block, Anna nagar, Chennai 600 040 did not file information with SEBI pursuant to public notice dated 18.12.1997 whereby SEBI had directed all the existing Collective Investment Schemes to file certain information about their schemes with it by 15.01.1998. The company filed information only on April 29, 1998 , that too in response to our letter dated April 22, 1998 .
(2.) Consequent to the notification of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the "said Regulations") dated October 15, 1999, every person who, immediately prior to the commencement of the said Regulations, operating a Collective Investment Scheme(s), was required to make an application to SEBI for the grant of registration within a period of two months from the date of notification, under the provisions of the said Regulations. In terms of Regulation 73 of the said Regulations, an existing Collective Investment Scheme which has failed to make an application for registration with SEBI, is required to wind up the existing scheme(s) and repay the investors. Further as per Regulation 74, an existing Collective Investment Scheme which is not desirous of obtaining provisional registration from SEBI is required to formulate a scheme of repayment and make repayment to the existing investors in the manner specified in Regulation 73.
(3.) SEBI vide a letter dated December 13, 1999 had given intimation to the Company that in case it is not desirous of obtaining registration from the SEBI, it was obliged to send Information Memorandum (IM) to all the investors detailing the state of affairs of the scheme(s), the amount repayable to each investor and the manner in which such amount is determined;

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