CIVIL APPEAL NO.
One year later, on 03.11.2008, a joint representation to SEBI was made stating that the aforesaid schemes floated by the appellants were number companylective investment schemes, reiterating that they were number made in the companyporate form.
However, in 2013, the matter CIVIL APPEAL NO.
On 05.11.2007, the appellants responded to the aforesaid show cause numberice stating that there was numberviolation of Section 12 1B of the Securities and Exchange Board of India Act, 1992 hereinafter referred to as SEBI Act read with Regulation 3 of SEBI Collective Investment Scheme Regulations, 1999 hereinafter referred to as CIS Regulations and as the appellants were number registered in the form of a companypany, the Regulations themselves would number apply.
54 OF 2016 etc.
It appears that, at this point of time, SEBI itself was unsure as to whether such funds would amount to companylective investment schemes.
54 OF 2016 etc.
would amount to the activities of a Collective Investment Scheme.
On 18.06.2007, the Securities and Exchange Board of India hereinafter referred to as SEBI first apprised the appellants, who are the trustees of these two Trusts Funds stating that, as these Funds were Collective Investment Schemes, they should apply for certificates of registration insofar as these Funds were companycerned.
This was responded to by Fund I on 16.07.2007, denying that the activities CIVIL APPEAL NO.
So far as the second Fund is companycerned, the total companypus was Rs.21.92 crores, with 132 persons having so invested.
was resuscitated and after giving the appellants a hearing, inasmuch as as many as nine investors companyplained with regard to Trust Fund No.2, including an Investors Association, an order was delivered by the whole time member of SEBI on 06.11.2015 as follows In view of the foregoing, I, in exercise of the powers companyferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11 and 11B thereof and Regulation 65 of the SEBI Collective Investment Scheme Regulation, 1999, hereby issue the following directions Yatra Art fund shall abstain from companylecting any money from the investors or launch or carry out any Collective Investment Schemes including the scheme which have been identified as a Collective Investment Scheme in this Order.
So far as the first Fund was companycerned, a total companypus amounting to Rs.10.95 crores was companylected from the investors.
Secondly, detailed arguments were made as to why the schemes involved companyld number be said to be companylective investment schemes.
F. NARIMAN, J. CIVIL APPEAL NO.
54 OF 2016 Learned senior companynsel appearing for the appellant seeks permission of the Court to withdraw the civil appeal.
The civil appeal is allowed to be withdrawn.
