https://www.taxtmi.com/caselaws?id=393776 The Tribunal upheld the decision of the Whole Time Member (WTM) in a case involving a Collective Investment Scheme (CIS) where a company was found to be unregistered. The WTM ordered the scheme's winding up and directed the company and certain directors to refund investors' money with returns. While some directors were absolved of liability due to limited roles and lack of involvement in fund collection, others were held responsible for failing to refund money collected during their directorships. The Tribunal emphasized the directors' obligation to refund matured amounts to investors and upheld the WTM's directions, emphasizing compliance with SEBI regulations. en-us Thu, 14 Nov 2019 00:00:00 +0530 Mon, 23 Mar 2020 10:05:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393776 The Tribunal upheld the decision of the Whole Time Member (WTM) in a case involving a Collective Investment Scheme (CIS) where a company was found to be unregistered. The WTM ordered the scheme's winding up and directed the company and certain directors to refund investors' money with returns. While some directors were absolved of liability due to limited roles and lack of involvement in fund collection, others were held responsible for failing to refund money collected during their directorships. The Tribunal emphasized the directors' obligation to refund matured amounts to investors and upheld the WTM's directions, emphasizing compliance with SEBI regulations. Case-Laws SEBI Thu, 14 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393776