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Alchemist Infra Realty Limited – Case Summary
SEBI began an investigation into the matter in 2011, after Alchemist Infra Realty Ltd received an anonymous complaint from investors about illegal raising of funds from the capital markets regulator.
The Securities and Exchange Board of India found that the company was involved in Collective Investment Schemes (CIS). ) in the name of real estate business and had raised more than Rs. 1,916 crores.
The company’s investment application form also stated that it was part of the ‘Alchemist Group’, engaged in diversified activities such as steel, food and beverages, IT, healthcare, media, aviation, real estate, hospitality, education and tea. Included.
According to the SEBI probe, apart from other properties, the asset base is more than Rs 5,000 crore.
The company was also charging up to 75 per cent as development charges from investors on purchase of land.
During the original investigation, the company refused to furnish the information sought by the capital markets regulator, claiming that the regulator lacked jurisdiction and did not undertake any CIS activity.
As per the latest update, Alchemist Infra claims to have refunded more than Rs. 1127 crores and had to pay only Rs. 789 crores.
The action was taken by SEBI in the matter of affairs
In June 2013, SEBI, under a new crackdown on ‘collective investment schemes’, directed Alchemist Infra Realty Limited and its directors and promoters to immediately cease all such activities and return the money collected from public investors within three months. instructed. Its five directors have also been barred from accessing the securities market till further instructions.
According to the June 21 judgement, if the company and its directors do not comply with Sebi’s directions, they will face prosecution and criminal case for “offences of cheating, cheating, criminal breach of trust and misappropriation of public money”.
However, the SAT award stipulates the company to pay an amount of one lakh to SEBI and provide the information sought by the regulator within two weeks, failing which the SEBI order of May 27, 2015 will be reinstated. SEBI, in a decision dated 21 June 2013, paid Alchemist approximately Rs. ordered to return. Rs 1,916 crore will be given to investors within three months, as well as the closure of the programme, which was named as a collective investment scheme.
SEBI’s decision was challenged before the SAT, but the tribunal confirmed it by extending the refund period by 18 months (up to July 2013) and allowing Alchemist to seek an extension if necessary. Alchemist, in its recent appeal to the SAT, said that it has refunded an amount of over ₹1,127 crore and based on bank certificates, it has to refund only over ₹789 crore.
Refund proceedings Justice S. Will be controlled by the committee of P. Talukdar
Individuals of Jharkhand state who have invested their hard earned money in Alchemist Group through various schemes will now get their money back. The money collected from the sale of the properties and assets of the companies to the S.O. P. Talukdar Committee, which was set up by the Calcutta High Court on 2 July.
It was decided that the committee would initiate the refund process. Hearing this news, smile has returned on the faces of thousands of people and they are now eager to get their money back at the earliest.
It has been stipulated that every day, 250 investors will receive checks of the same amount that they had invested in chit-fund schemes of the Alchemist Group. The committee was constituted in December 2015. A list of investors has been prepared, including the amount they have put in. Those who contributed less than Rs 10,000 will receive checks in the first wave.
Latest Update: Progress regarding Alchemist Infra Refund Proceedings
As it is known, the number of investors is increasing, so now one man committee has started refund process in phases. Preference will be given to those depositors whose investments have matured. Also, those persons who are willing to get refund against the principal amount will be given priority. Such refund will be completed on the basis of furnishing of indemnity bond.
Till December 2021, the company has paid 6277 certificates to listed investors through the assistance provided by the committee. No new list of claimants has been presented by the company. Individuals who have invested their money and have not yet received any information regarding refund are requested to lodge a complaint or approach Justice S.K. Submit an online application form at the official website of P. Talukdar Samiti.
Individuals can also submit details like mobile number, bank details etc. to initiate the online refund process. The committee will look into the application form and verify all the details. On successful verification, the money will be directly transferred to the bank accounts of the depositors.
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