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In The Matter of Rose Valley Real Estates and Construction Limited
In The Matter of Rose Valley Real Estates and Construction Limited
In The Matter of Rose Valley Real Estates and Construction Limited
MUMBAI
AppealNo.233of2014
Dateofdecision:15/12/2014
1.
2.
3.
4.
5.
RoseValleyRealEstatesand
ConstructionLimited
GoutamKundu
ShibamoyDutta
AbirKundu
RamLalGoswami
Addressat:
GodrejWaterSite,
TowerNo.1,2ndFloor,
OfficeNo.201&202,PlotNo.5,
BlockDP,Sector5,SaltLakeCity,
Kolkata700091.
Versus
SecuritiesandExchangeBoardofIndia
SEBIBhavan,PlotNo.C4A,GBlock,
BandraKurlaComplex,
Bandra(E),Mumbai400051.
Appellants
Respondent
CORAM: JusticeJ.P.Devadhar,PresidingOfficer
A.S.Lamba,Member
Per:JusticeJ.P.Devadhar(Oral)
1.
This Appeal is filed to challenge the order passed by Whole Time
MemberofSecuritiesandExchangeBoardofIndia(SEBI)on18thJune,2014
whereby Appellants are directed to wind up its Collective Investment
Scheme and refund moneys collected by it under the scheme with returns
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whichareduetoinvestorsasperthetermsofofferwithinaperiodofthree
-2-
monthsfromthedateofthesaidorder.CounselfortheAppellantfairlystates
thattheAppellantsarereadyandwillingtocomplywiththeorderpassedby
the Whole Time Member. However, in view of SEBI restraining the
Appellants from dealing with their properties in its exparte order,
Appellantsarenotinapositiontocomplywiththeorder.CounselforSEBI
states that once final order is passed,exparteadinterimordergetsmerged
intothefinalorderand,therefore,forthepurposeofimplementingthefinal
orderof18thJune,2014,Appellantswouldbeentitledtoselltheirproperties
andutilizethesaleproceedsonlyformakingpaymenttotheinvestorsofthe
AppellantNo.1.Accordingly,wepermittheAppellantstoselltheproperties
belongingtothemunderthesupervisionofSEBIbyexpresslymakingitclear
thatthesaleproceedsreceivedonsaleofthepropertiesshallbeutilizedonly
for the purpose of making payment to investors of Appellant No.1.
Appellants are directed to dispose of the properties belonging to them as
expeditiouslyaspossibleandinanyeventwithinaperiodofsixmonthsfrom
today. Subject to the Appellants complying with the impugned order dated
18thJune,2014withinaperiodofsixmonthsfromtoday,SEBIshallnottake
anyfurtherproceedingsagainstAppellants.
2.
Appealisdisposedofinabovetermswithnoorderastocosts.
Sd/
JusticeJ.P.Devadhar
PresidingOfficer
15/12/2014
Prepared&comparedbyddg
Sd/
A.S.Lamba
Member