SAT asks SEBI to pass final order in Rose Valley case

The Securities Appellate Tribunal (SAT) has asked SEBI to pass a final order in Rose Valley case within four months of the receipt of any objection from the company in the matter. In 2011,West Bengal-based Rose Valley Real Estates and Construction,a Rose Valley group firm,was barred by SEBI from raising funds from public on the charge that it did not have necessary approvals for running a collective investment scheme. In its order issued on September 26,the tribunal has asked Securities and Exchange Board of India (SEBI) to furnish any additional material to Rose Valley Real Estates and Construction within two weeks. Further,it has asked the company to file objections,if any,within four weeks from the date of receiving additional materials from the market regulator. Following the receipt of the objection from the company,final order would be passed by SEBI within a period of four months,SAT said in the order. The order came on the basis that SEBI restriction on Rose Valley had been in operation for more than two years and that the regulator was “agreeable to pass final order in a time bound manner”. The company had been allegedly raising funds from the public in certain areas of West Bengal in the name of sale of plots of land.