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2016 (3) TMI 835 - AT - Companies LawInvalid CIS scheme - non seeking registration with SEBI - collection of subscription amount after the ex-parte interim order - refund to investors - Held that:- While upholding the decision of SEBI that the Appellants have floated and operated CIS without registering with SEBI and hence in violation of CIS Regulations, since the schemes are closed by the Appellants voluntarily and substantial amount is refunded to the investors, we grant extension of two years time from the date of this order to the Appellants to enable them to pay the balance amount refundable to the investors. Looking to the conduct of the Appellants before and after 31/3/2012 which is fair, we restrict the debarment imposed against the directors from the date of the impugned order i.e. from 21st August, 2015 till the date of present order.
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