Non-Refund of Investor Money is Continuing Offence, Small Amount Not a Defence: Calcutta HC

Ahilya Sharma & Ors. Vs State of West Bengal & Anr. (Calcutta High Court) The Calcutta High Court considered a petition seeking quashing of a criminal complaint filed under Sections 24(1) and 27 of the SEBI Act, 1992, relating to alleged violations of provisions governing collective investment schemes (CIS). The complaint, pending before the Chief Judicial Magistrate, alleged that the accused company had mobilized approximately ₹40,000 from the public through a collective investment scheme and failed to comply with statutory requirements, including refunding investors’ money and ob...