Sebi dismisses Nicer Green housing’s request
Sebi has turned down Nicer Green Housing and Infrastructure Developers and its directors’ request seeking more time for refunding investor money, saying the plea lacks “bona fides” and fails to invoke faith with respect to compliance.
Nicer Green and its directors had requested for a total of 36 months’ time – 18 months to develop the land and further 18 months to sell the land – for making the refund of about Rs 4 crore to its customers, in its submission to Sebi.
Further, the company had also said the development activities on the land bank owned by it could not be undertaken earlier on account of Sebi’s interim order passed in July 2014 and also adverse actions taken by other authorities including the local police against the firm and its promoters or directors. The firm, which was engaged in the business of sale and purchase of real estate and properties, claimed to have refunded Rs 27.48 crore out of Rs 31.71 crore collected from investors. According to Sebi, the company had raised the amount through unauthorised collective investment scheme (CIS).
Through an interim order passed in July 2014, Securities and Exchange Board of India (Sebi) had barred Nicer Green and its directors from raising funds from public and from launching any new investment plans. The regulator reiterated the same in the final order passed in November 2015 and had also directed the company to refund the money collected from investors along with returns.