2015 (8) TMI 1502

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....athi For Respondents.. Mr.R.Muthukumaraswamy, S.C., for Mr.Shivakumar ORDER By the impugned order dated 05.02.2015, the first respondent in exercise of the power conferred under Sections 11(1), 11(B) and 11(4) of the Securities and Exchange Board of India(SEBI) Act, 1992 read with Collective Investment Schemes(CIS) Regulations, 1999 and PFUTP Regulations held as follows: ". no....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l date, ii. Scheme wise list of investors and their contact numbers and addresses, iii. Details of commission paid on amounts mobilised above, iv. Details of agents along with their addresses, etc. v. Audited Accounts for the last financial year and vi. PAN of AGFEIPL and aforementioned Directors. 23. The above directions shall take effect imme....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ss. There is no other activities involved. The past complaints given were found to be false. There is no jurisdiction lies with the respondents to pass the order impugned. The third respondent is also proceeding as if, there is violation of Andhra Pradesh Protection of Depositors Scheme. Therefore, both the parties are proceeding in different direction. Hence the learned Senior Counsel submits tha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 5. A perusal of the order impugned would show that it is prima facie in nature. The enquiry is almost completed except filing written submissions. In a matter of this nature, touching upon Revenue and technical aspects involving economy, this Court is expected to adopt a dignified reluctance to leave the issues open to be decided by the statutory authority. Thus without going into the merits of t....