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The Securities Appellate Tribunal has set aside the SEBI order to Alchemist Infra Realty that did not grant extension for making refund to investors totalling ₹1,916 crore.
The SAT order is, however, subject to the conditions that the company will pay ₹1 lakh to SEBI besides furnishing details demanded by the regulator within two weeks, else, the SEBI order, dated May 27, 2015, would stand revived. In its order dated June 21, 2013, SEBI directed Alchemist to refund over ₹1,916 crore to investors within three months besides winding up the scheme identified as a collective investment scheme.
The SEBI order was challenged before SAT but the tribunal upheld the SEBI order while extending the time for refund by 18 months (in July 2013) besides giving Alchemist the liberty to seek extension in case the need arose.
In its latest appeal to SAT, Alchemist claimed that it had refunded over ₹1,127 crore and had to make refund of only over ₹789 crore based on bank certificates.
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