Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

CIS: SEBI Asks V3 Infrastructure and Estates to Refund Investors' Money

According to an interim order passed by Sebi in 2015, V3 Infrastructure and Estates had raised approximately Rs 31 lakh from 78 through a scheme called "own your property".

PTI

Updated:September 4, 2017, 11:40 PM IST
facebookTwitterskypewhatsapp
Sebi building
The Securities and Exchange Board of India (Sebi).

New Delhi: Markets regulator Securities and Exchange Board of India (SEBI) on Monday ordered V3 Infrastructure and Estates and its three directors to refund within three months the investors' money that the company had raised through an illegal collective investment scheme (CIS).

The regulator has also barred the four entities from the capital market "till the directions for refund/repayment to investors are complied with... and for a further period of four years from the date of completion of the refund".

Also, the directors -- V Santosh Kumar, V Madhusudhan and H Sireesha -- have been restrained from holding position as directors or key managerial personnel of any listed company for a period of four years.

According to an interim order passed by Sebi in 2015, V3 Infrastructure and Estates had raised approximately Rs 31 lakh from 78 through a scheme called "own your property".

After noting that the fund mobilising activity of the firm under the garb of a real estate business, fell within the parameters of CIS, which was being carried out without getting registration from Sebi, the regulator had directed the company and its directors not to collect fresh money from investors from the existing scheme, among others, in the interim order.

In the fresh order, SEBI reiterated that the activities of the firm and its directors constitute a CIS and they have been carried out without seeking a registration from Sebi, thereby contravening the CIS Regulations.

The firm and its directors are "jointly and severally" liable to wind up the existing collective investment scheme and refund the money collected under the scheme with returns which are due to the investors within a period of three months, SEBI said.

After completion of the refund, the four entities would have to submit a winding up and repayment report to SEBI within seven days.

In case the firm and its directors fail to comply with Sebi's directive, the regulator would initiate recovery proceedings against them.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Bijaya Das
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results