{ "metadata": { "analysis_of_arguments": "The Appellant contends that it has refunded a significant amount to investors and only needs more time to provide complete investor details and finish the refund. SEBI argues that the Appellant has failed to submit specific records to substantiate the refunds made, making it impossible to confirm compliance with previous orders.", "bench": [ "The Hon\u0027ble Mr. Justice J.P. Devadhar", "The Hon\u0027ble Mr. Justice Jog Singh" ], "case_number": [ "MA No. 200 of 2015", "Appeal No. 298 of 2015" ], "cases_referred": [], "chunkwise_data": { "chunk_1": { "analysis_of_arguments": "The Appellant contends that it has refunded a significant amount to investors and only needs more time to provide complete investor details and finish the refund. SEBI argues that the Appellant has failed to submit specific records to substantiate the refunds made, making it impossible to confirm compliance with previous orders.", "cases_referred": [], "facts": "The Appellant, Alchemist Infra Realty Limited, was directed by SEBI through an order on 21st June 2013 to wind up its Collective Investment Scheme (CIS) and refund the amounts collected from investors within three months. The Appellant appealed to the Securities Appellate Tribunal (SAT), which dismissed the appeal on 23rd July 2013 but extended the time to comply by 18 months. The Appellant claims to have partially refunded a substantial sum to investors and subsequently sought further extension in January 2015. SEBI rejected this request for extension on 27th May 2015, citing the Appellant\u2019s failure to provide detailed investor information required to verify the refunds. This appeal challenges that rejection. The matter reached the SAT at this stage, which has now passed its decision on the Appellant\u2019s plea.", "final_status": "Disposed of.", "formatted_summary": "The Tribunal disposed of Alchemist Infra Realty Limited\u2019s appeal seeking extra time to refund investors under its Collective Investment Scheme. SEBI refused the request because the Appellant had not furnished the investor details needed to verify the claimed refunds. On appeal, the Tribunal permitted an extension provided the Appellant submits full information within two weeks; otherwise, the original rejection remains operative.", "held": "The Tribunal set aside SEBI\u2019s 27th May 2015 order, subject to the Appellant furnishing the required investor details and paying costs. If the Appellant provides the information within two weeks, SEBI will re-evaluate the extension request; otherwise, the earlier rejection stands revived. The decision underscores the necessity of complete disclosure when seeking compliance relief in such proceedings.", "latin_principles": {}, "legal_issues": "Whether SEBI was justified in denying an extension for winding up the CIS and refunding investor funds when the Appellant had not provided sufficient details to verify the claimed refunds.", "statutes": {} } }, "counsels": [ "Mr. V.S. Nankani, Senior Advocate (for the Appellant)", "Mr. I.J. Nankani (for the Appellant)", "Mr. Rishad Madora (for the Appellant)", "Ms. Sonia Dube (for the Appellant)", "Mr. Shatadru Chakraborty (for the Appellant)", "Mr. H.S. Khokhawala (for the Appellant)", "Mr. Shyam Mehta, Senior Advocate (for the Respondent)", "Mr. Rushin Kapadia (for the Respondent)" ], "delivered_date": "15.06.2015", "facts": "The Appellant, Alchemist Infra Realty Limited, was directed by SEBI through an order on 21st June 2013 to wind up its Collective Investment Scheme (CIS) and refund the amounts collected from investors within three months. The Appellant appealed to the Securities Appellate Tribunal (SAT), which dismissed the appeal on 23rd July 2013 but extended the time to comply by 18 months. The Appellant claims to have partially refunded a substantial sum to investors and subsequently sought further extension in January 2015. SEBI rejected this request for extension on 27th May 2015, citing the Appellant\u2019s failure to provide detailed investor information required to verify the refunds. This appeal challenges that rejection. The matter reached the SAT at this stage, which has now passed its decision on the Appellant\u2019s plea.", "final_status": "Disposed of.", "first_party": [ "1. Alchemist Infra Realty Limited, New Delhi 110044" ], "grouped_statutes": {}, "held": "The Tribunal set aside SEBI\u2019s 27th May 2015 order, subject to the Appellant furnishing the required investor details and paying costs. If the Appellant provides the information within two weeks, SEBI will re-evaluate the extension request; otherwise, the earlier rejection stands revived. The decision underscores the necessity of complete disclosure when seeking compliance relief in such proceedings.", "latin_principles": {}, "legal_issues": [ "Whether SEBI was justified in denying an extension for winding up the CIS and refunding investor funds when the Appellant had not provided sufficient details to verify the claimed refunds." ], "prayer": "", "reserved_date": null, "second_party": [ "1. Securities and Exchange Board of India, Mumbai 400051" ], "statutes": {}, "statutes_headnotes": {} }, "summary": { "formatted_summary": "The Tribunal disposed of Alchemist Infra Realty Limited\u2019s appeal seeking extra time to refund investors under its Collective Investment Scheme. SEBI refused the request because the Appellant had not furnished the investor details needed to verify the claimed refunds. On appeal, the Tribunal permitted an extension provided the Appellant submits full information within two weeks; otherwise, the original rejection remains operative." } }