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Ally Housing & Development case: Sebi initiates process to refund 212 investors

Ally Housing & Development (formerly known as Ally Multi Trade India) had raised over Rs 2.42 crore from the investors during 2012- 2014 through collective investment schemes without obtaining regulatory approval.

May 31, 2021 / 08:27 PM IST
Sebi | PC-Shutterstock

Sebi | PC-Shutterstock

Markets regulator Sebi on Monday decided to initiate the process of refund for the remaining 212 investors who had invested in unregistered collective investment schemes floated by Ally Housing & Development.

These investors have been asked to submit bank account details and other documents related to investment to the company as well as the regulator by July 30, the Securities and Exchange Board of India (Sebi) said in a notice. Ally Housing & Development (formerly known as Ally Multi Trade India) had raised over Rs 2.42 crore from the investors during 2012- 2014 through collective investment schemes without obtaining regulatory approval.

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"After refund of an amount of Rs 2,42,17,830 during the pendency of the proceedings, a few investors remained unpaid," Sebi said in the notice. An amount of Rs 12.32 lakh was still to be refunded to over 200 investors, according to a release of attachment order issued by Sebi in January 2021.

Now, it has been decided to initiate the process of refund of the remaining amount to the eligible 212 investors as certified by the Chartered Accountants, Sebi said in the notice issued on Monday. These eligible investors have been advised to submit bank account details and documents by e-mail to the company, Ally Housing & Development, with a copy to Sebi by July 30, 2021 for receipt of refund, it added.

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Earlier in January, all the attachments on the properties of the company and its directors were released after the recovery of dues. The regulator had initiated a recovery proceeding against them in 2016 after they failed to pay investors money. In August 2015, Sebi had asked the company and its directors to repay the money collected through unregisteted CISs to investors, along with returns.



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PTI
first published: May 31, 2021 08:27 pm
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