A petition is being filed in the Calcutta High Court by Rose Valley
P C Sen and S Pal, the counsels of Rose Valley while pleading before Justice Jayanta Biswas for an injunction against the order contended that since Rose Valley is not listed in any stock exchange it is beyond the jurisdiction of SEBI and as such the market regulator cannot interfere in its affairs. Their petition stated that company affairs of Rose Valley come under the provisions of the Companies Act, 1956 and hence regulated and administered by the Ministry of Corporate Affairs of the Government of India.
Praying for an injunction the counsels stated that the company has been receiving money from public in exchange for allotting a plot of land and this they argued cannot be termed as collection of deposit from public or trading in the securities market.
and Construction Company seeking an injunction on the order passed by SEBI. The SEBI order has restricted the real estate company from collecting money from investors and from launching any scheme. As per the SEBI order which was passed on 3rd January 2011 the company under its collective investment scheme cannot collect money from investors and it cannot launch any scheme to dispose of any or part of its properties/assets.Real Estate
P C Sen and S Pal, the counsels of Rose Valley while pleading before Justice Jayanta Biswas for an injunction against the order contended that since Rose Valley is not listed in any stock exchange it is beyond the jurisdiction of SEBI and as such the market regulator cannot interfere in its affairs. Their petition stated that company affairs of Rose Valley come under the provisions of the Companies Act, 1956 and hence regulated and administered by the Ministry of Corporate Affairs of the Government of India.
Praying for an injunction the counsels stated that the company has been receiving money from public in exchange for allotting a plot of land and this they argued cannot be termed as collection of deposit from public or trading in the securities market.
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