June 15, 2016
PR No. 113/2016

Order in the matter of M/s. Alchemist Infra Realty Limited

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on June 14, 2016 in the matter of M/s.
Alchemist Infra Realty Limited. The following directions have been passed:

  1. The Company though made a claim that it repaid Rs.1077 crore before SEBI, has not co-operated with the auditor in providing the complete information and documents for carrying out the verification exercise considering that the auditor was appointed in August 2015. Many investors have informed that they have not received refunds. Further, the Company, instead of making repayments, had issued cheques to investors which were then endorsed in favour of Alchemist Township India Limited and investment certificates were issued by that entity. Hence, 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.
  2. The request of the Company to issue information memorandum to investors has also been rejected since the schemes of the Company having been launched after the CIS Regulations came into force, would not be covered under regulation 73 of the CIS Regulations.
  3. WTM has directed SEBI to take necessary steps to initiate attachment and recovery proceedings against the Company/directors for the purposes of making refunds to investors and also initiate further proceedings in accordance with law for the contraventions and non-compliance in making refunds within the stipulated period as ordered by Hon’ble SAT.

June 15, 2016


For full copy of order against ALCHEMIST INFRA REALTY LTD. click here.