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Rose Valley Case Summary:
The SEBI had initiated a process of inquiry in year 2010. It was alleged in such notice, addressed to the second petitioner, that he had been mobilizing deposits from the public. Reference was made to Section 12(1B) of the SEBI Act and the CIS Regulations, which envisaged that no entity can carry on or sponsor or launch a CIS without obtaining a certificate of registration. Accordingly, information was sought for on the points mentioned therein.
Two companies of the Rose Valley group — Rose Valley Real Estate and Construction Ltd and Rose Valley Hotels and Entertainment Ltd — have separately raised Rs 1,272 crore and Rs 2,900 crore respectively. Though SEBI passed an ad interim ex parte order restraining Rose Valley Real Estate and Constructions from accepting further deposits on January 3, 2011, the company continues to raise money.
[Audio presentation of case law of Rose Valley Real Estate & Construction Ltd.Vs.Union of India is given here for better understanding]
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