Rose Valley Real Estate & Constructions has been debarred from raising public money by Securities and Exchange Board of India (SEBI). The company has also been instructed by the capital market regulator not to launch any scheme at the moment. SEBI through its interim order has also put curbs on Rose Valley Real Estate (RVRE) which is the group’s flagship from diverting public funds raised from investors. The said funds are currently in the custody of the company/bank account.
The Rose Valley Group which is into various sectors like hospitality, films, amusement parks and finance has already collected funds from the public to the tune of Rs 1250 crores through RVRE. The company had mobilized this fund amount from the eastern region particularly from West Bengal where it has lakhs of investors. Meanwhile SEBI has also debarred the company from disposing or delineating the scheme assets.
There is allegation against RVRE from SEBI that the company has not obtained any permission from the capital market regulator to run its collective investment scheme (CIS) which it has been running. SEBI alleged that till March 2010 the company has mobilized Rs 1271.98 crores under its ‘Ashirbad’ through which it is offering returns up to 21%. The Economic Offence Investigation Cell of the state government had filed a complaint against Rose Valley in December 2009 which prompted SEBI to start its investigations.
The Rose Valley Group which is into various sectors like hospitality, films, amusement parks and finance has already collected funds from the public to the tune of Rs 1250 crores through RVRE. The company had mobilized this fund amount from the eastern region particularly from West Bengal where it has lakhs of investors. Meanwhile SEBI has also debarred the company from disposing or delineating the scheme assets.
There is allegation against RVRE from SEBI that the company has not obtained any permission from the capital market regulator to run its collective investment scheme (CIS) which it has been running. SEBI alleged that till March 2010 the company has mobilized Rs 1271.98 crores under its ‘Ashirbad’ through which it is offering returns up to 21%. The Economic Offence Investigation Cell of the state government had filed a complaint against Rose Valley in December 2009 which prompted SEBI to start its investigations.
No comments:
Post a Comment