M/s. Life Care (I) Ltd.

M/s. Life Care (I) Ltd., Jagatsinghpur, Orissa, whose application for registration under the provisions of SEBI (Collective Investment Schemes) Regulations, 1999 was earlier rejected by SEBI, failed to wind up their schemes to repay the investors in the manner provided under the said Regulations. 

In view of the above, SEBI has passed an Order on May 29, 2003, directing the entity to refund the money collected under its collective investment schemes with returns which are due to the investors as per the terms of the offer within a period of one month from the date of the Order failing which the following actions would follow:

1. Initiation of prosecution under section 24 of SEBI Act,1992 against the entity / its concerned officials.

2. The entity / its concerned officials would be debarred from operating in the capital market and accessing the capital market for a period of 5 years.

3. Reference would be made to the state government/local police to register civil/criminal cases against the entity /its concerned officials for the offences of fraud, cheating, criminal breach of trust and misappropriation of public funds.

4. Department of Company Affairs would be requested to initiate the process of winding up of the entity.