Private Firm and Directors Convicted for Defrauding Investors by Violating SEBI Regulations
NEW DELHI: A court has convicted a private company and its three directors in a case spanning over 23 years, finding them guilty of violating the SEBI Act and Collective Investment Scheme (CIS) regulations by deceiving investors with false promises of high returns.
Additional Sessions Judge Vandana Jain presided over the 2001 case against Kisley Plantation Ltd, based in East Patel Nagar, which was under scrutiny by the Securities and Exchange Board of India (SEBI). The company had raised approximately Rs 2.43 crore from the public without proper registration, luring investors with unrealistic financial incentives.
(With inputs from agency)
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