Comments
The Securities Appellate Tribunal rejected the miscellaneous application filed by Rose Valley Real Estate and Construction (RVRECL) seeking more time to comply with an earlier order directing it to sell properties belonging to RVRECL and its directors under the supervision of SEBI. The SAT had passed the order on December 15, 2014, asking the company to comply within six months.
SAT observed that Rose Valley had sought for more time because its properties were being sold under the supervision of a committee constituted by the Calcutta High Court according to the court’s order dated April 21, 2015. Since the committee would take some time to sell the properties/ assets RVRECL sought extension of time.
Meanwhile, SAT, while perusing the order passed by the Calcutta High Court, found that the same senior counsel Sudipto Sarkar who appeared before SAT on December 15, 2014, appeared before Calcutta HC and submitted that an independent person should be appointed who, under the supervision of the court could sell the properties and make disbursement of funds to investors.
Dismissing the company’s plea, SAT, on Wednesday, directed SEBI to take appropriate steps in the matter so that the interests of investors are safeguarded.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.