June 02, 2015
PR No. 146/2015
Order in the matter of M/s. Alchemist Infra Realty Limited
Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on May 27, 2015 in the matter of M/s.
Alchemist Infra Realty Limited. The following directions have been passed:
| a) |
The request made by M/s. Alchemist Infra Realty Limited for extension of time by further period of 24 months for
making refunds to investors has been rejected. As the company, Alchemist Infra Realty Limited and
its promoters/directors have not repaid its investors within the time allowed, SEBI shall as contemplated in its Order
dated June 21, 2013 which has been upheld with modification (of the period for making refunds)
by Hon'ble SAT, initiate the following action: |
|
i. |
Prosecution proceedings under section 24 and Adjudication proceedings under Chapter VI of the Securities
and Exchange Board of India Act, 1992 against the Company and its directors for the violations
as found in the SEBI Order dated June 21, 2013 (as upheld with modification by Hon'ble SAT) and their failure to refund
the investors within the period allowed by the Hon'ble SAT; |
|
ii. |
Refer the case to the State Government/Local Police to register a civil/criminal case against the Company, its
promoters/directors and its managers/persons in-charge of the business and its schemes for
offences of fraud, cheating, criminal breach of trust and misappropriation of public funds |
|
iii. |
Refer the matter to the Ministry of Corporate Affairs, Government of India, with a request to initiate the
process of winding up of the company, Alchemist Infra Realty Limited. |
| b) |
In view of the default committed in repaying investors within the period granted to the Company and its
promoters/directors, SEBI shall also initiate attachment and recovery proceedings under the SEBI Act and rules
and regulations framed thereunder. |
| c) |
The Company and its promoters/directors including Mr. Brij Mohan Mahajan, Mr. Sunil Kanti Kar and Mr. Narayan
Madhav Kumar are directed to provide a full inventory of all their assets, properties and details of all
their bank accounts, demat accounts and holdings of shares/securities, if held in physical form, within a period of 10 days. |
Mumbai
June 02, 2015 |