https://www.taxtmi.com/caselaws?id=298365 Failure to satisfy the conditions attached to provisional registration under the collective investment scheme framework justified winding up the schemes and repayment to investors. The appellant had not appointed eligible trustees or achieved the prescribed net worth, both of which were essential because scheme assets were required to be held in trust for investors rather than in the names of company functionaries. It also continued to mobilize funds without a final registration certificate and circulated misleading information memoranda despite required corrections. These regulatory breaches made continuation of the schemes impermissible and supported the direction to wind up and repay investors. en-us Tue, 21 Oct 2008 00:00:00 +0530 Thu, 28 Oct 2021 17:00:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298365 Failure to satisfy the conditions attached to provisional registration under the collective investment scheme framework justified winding up the schemes and repayment to investors. The appellant had not appointed eligible trustees or achieved the prescribed net worth, both of which were essential because scheme assets were required to be held in trust for investors rather than in the names of company functionaries. It also continued to mobilize funds without a final registration certificate and circulated misleading information memoranda despite required corrections. These regulatory breaches made continuation of the schemes impermissible and supported the direction to wind up and repay investors. Case-Laws SEBI Tue, 21 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298365