Case Law Details
Case Name : Anant Kajare Vs. Eknath Aher & Anr.(Supreme Court)
Related Assessment Year :
Courts :
Supreme Court of India
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Anant Kajare Vs. Eknath Aher & Anr. (Supreme Court)
Battery of lawyers appeared in the high profile alleged ‘Ponzi scheme’ matter. This matter has been travelling to Supreme Court time and again. Previously, SEBI held that the scheme run by Citrus Check inn Limited and Royal Twinkle Star Club Limited alleged to be in the nature of ‘Collective Investment Scheme’ (CIS) which was challenged before SAT and SC. Therafter, SC had directed SEBI to conclude the investigation within 6 months. In the meant
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This a misguided article.
The Supreme Court in it’s order has not upheld anything. After hearing the concerns of the petitioner and after being satisfied that the money is being shiponned off to other group companies Supreme Court advised the representative of the petitioners SEBI and the RP to conduct a meeting to discuss the concern. This is obviously without prejudice to the contentions raised in the SLP. The meeting shall not be constituted a COC.
Remarkable order but my opinion GOVT authority managed to arrest Gaurav Goenka then all the customers will get their Money Back with no hesitation.
There is one loophole in the IBC code. As such there is moratorium period for corporate debtor not to transfer any assets or alienate and create any third party right agst. the assets held in the name of corporate debtor.but any assets which is in the name of so many companies / sister concerns can be easily sold and RP is unable to do anything.just as the thing may have happened in this case.Hence in order to protect the interest of creditord/investors an immediate order should be given to RP that no assets are being sold in the name of sister concern which is easily visible and in this case it was very much visible from the first day.RP has done his maximum to safeguard the public interest but due to the unavailability of any provisions in the code he has to just watch wherein cash portion of the assets sold are not coming in the hands of investors.
Make available maximum amount to investors by unearthing the hidden assets .
Sebi has regarded this scheme as CIS.And all documents in the form of affidavit or communication from NCLT court regard the collection of amount by corporate debtor as their business activities which were engaged in the business of providing holiday facilities and not PONZY SCHEME.Not a single assets is unearthed till today all assets were declared by promoter himself. If any assets are unearthed and made available to investors for payment after the through investigation of cash flow given under under the name of forensicaudit then it shall be beneficial for investors and their claim may be paid maximum. Supreme court has given the order in such a way that all respective authorities should come together and Rigorious and through investigation of cash flow should be done to unearth the maximum assets and case of money laundering if any or benami transaction if any in the public interest.LAW has once again proved that it can go into the heart of problem and make available solution.