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2017 (6) TMI 1261 - AT - Companies LawCollective Investment Schemes (‘CIS’) run without obtaining registration from SEBI - Appellants been directed to refund the money collected from the investors under the schemes with promised returns - Held that:- On the last date of hearing, Counsel for the Appellants fairly stated that the Appellants are genuinely interested in implementing the order of SEBI and to prove their bonafides, offered to deposit ₹ 50 lakh with SEBI and also offered to deposit the title deeds of the immovable properties which can be sold by SEBI and utilize the sale proceeds to pay the amounts due to the investors. It is not in dispute that pursuant to our order dated February 24, 2017 the Appellants have deposited ₹ 50 lakh with SEBI and also deposited with SEBI, the original title deeds in respect of the assets set out at page 10 and 11 of the further affidavit filed by the Appellants on February 24, 2017. (a) SEBI is at liberty to get the revaluation of the immovable properties (the title deeds of which are already deposited by the Appellants with SEBI). If revaluation is done, SEBI shall furnish a copy of the revaluation report to the Appellants before auctioning the said immovable properties. (b) SEBI is directed to sell off the immovable properties (the title deeds of which are already deposited with SEBI) as expeditiously as possible and preferably within a period of 6 months from today. (c) Appellants are directed to furnish to SEBI list of other immovable properties *and movable properties lying therein belonging to the Appellants and other group concerns within a period of two weeks from today, so that the said immovable properties {amended as per the order of the Tribunal dated July 19, 2017.} and movable properties lying therein may be sold by SEBI, in case the sale proceeds of the immovable properties referred to at para 5(b) above are not sufficient to meet the amounts payable to the investors. (d) Without the permission of SEBI, the Appellants shall not dispose of, alienate or create any third party rights in respect of other immovable properties, the list of which is being furnished by the Appellants within a period of two weeks from today.
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