TMI Blog2017 (6) TMI 1261X X X X Extracts X X X X X X X X Extracts X X X X ..... nting 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 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s for Appellants. Mr. Vikram Nankani, Senior Advocate with Mr. Tomu Francis and Mr. Vivek Shah, Advocates for the Respondent. Mr. A.K. Saxena, Advocate, Ms. Sharon Patole, Advocate , Mr. M.H. Chandanshive, Advocate, Mr. A.A. Badar, Advocate for the Applicant JUDGEMENT Per : Justice J.P. Devadhar (Oral) 1. Appeal No. 216 of 2015 is filed to challenge the order passed by the Whole Time Member ( WTM for short) of Securities and Exchange Board of India ( SEBI for short) on February 12, 2015. By the said order the schemes floated by Appellant No. 1 in Appeal No. 216 of 2015 have been held to be Collective Investment Schemes ( CIS for short) run without obtaining registration from SEBI and accordingly Appellants have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts are agreeable for SEBI to sell the immovable properties (the title deeds of which are already deposited with SEBI) we dispose of these appeals by passing the following order:- (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 immov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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