Adjudication order in respect of Late Shri Sunil Kanti Kar in the matter of Alchemist Infra Realty Ltd

Last updated: 28 October 2020

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This adjudication order concerns the fund mobilisation activities of Alchemist Infra Realty Ltd (AIRL). SEBI investigated whether AIRL and its directors, including the late Shri Sunil Kanti Kar, violated provisions related to collective investment schemes. The company allegedly collected money from investors by offering schemes that involved purchasing and developing land, issuing property certificates with expected future values, and managing agricultural land on behalf of investors.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) conducted an examination in the matter of fund mobilization by Alchemist Infra Realty Ltd. (hereinafter referred to as ‘AIRL’ / ‘Company’) to ascertain whether there was any violation of the provisions of Section 12(1B) of SEBI Act, 1992 and Regulation 3 of Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as ‘CIS Regulations’) by AIRL and its directors viz. Mr. Brij Mohan Mahajan, Mr. Narayan Madhav Kumar, Mr. Balvir Singh, Mr. Chandra Sekhar Chauhan, and Mr. Sunil Kanti Kar (hereinafter referred to as ‘Noticee’).

Citation :
[ADJUDICATION ORDER NO. Order/KS/AE/2020-21/9432]

Daily Limit Reached