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SEBI directs ‘VBDP’ and its directors to refund illegal money collected from investor through Scheme

February 26, 2020[2020] 114 taxmann.com 624 (SEBI)
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COMPANY LAW/SEBI : Where company VBDP and its directors had mobilized funds from investors through different land/plot allotment scheme which satisfied four requirements of a collective investment scheme as defined in section 11AA, since these schemes were being carried out without obtaining registration from SEBI in violation of section 12(1B), company VBDP and its directors were to be directed to refund illegally mobilised funds to investors and were also to be restrained from accessing securities market

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