SEBI Vs. SHIVAJI ESTATE LIVESTOCK AND FARMS PVT LTD
SECURITIES APPELLATE TRIBUNAL
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(1.) M/S SHIVAJI ESTATE LIVESTOCK AND FARMS PVT. LTD., having its Registered Office at 14, Hindustan Colony, Amravati Road, Nagpur (hereinafter referred to as 'the company') had applied for registration under the provisions of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the 'said Regulations'). However, the said application was rejected by SEBI as the company had failed to fulfil the requirements of Regulation 70 (1)(b) & (c) of the said Regulations.
(2.) This rejection of application was communicated to the company vide SEBI's letter dated 21.06.2001 and in terms of Regulation 73(1)(b) the company was advised to wind up its existing scheme(s) and make repayments to investors in terms of Regulation 73. The company was also directed to send the Information Memorandum (IM) to the investors, who had subscribed to the scheme(s) within two months from the date of receipt of the aforesaid intimation from SEBI in terms of Regulation 73(2). Further, in terms of Regulation 73, the company was advised to submit "winding up and repayment report" in the SEBI's specified format so that the said report may reach SEBI within 31/2 months of the date of Information Memorandum.
However, the report submitted by the company was not found to be in conformity with the format specified by SEBI.
(3.) AS the company failed to comply with the aforesaid provisions / requirements, I, in exercise of powers conferred upon me under Section 11B of SEBI Act, read with Regulation 65 of the Regulations, vide my order dated 11.10.2002 had directed the company to refund the money collected under its schemes with returns, which is due to the investors, as per the terms of the offer, to all the investors who have not given positive consent to continue with their schemes, within a period of one month from the date of the order and submit the "Winding up and Repayment Report" strictly in the format as specified by SEBI within 15 days thereafter.;
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