Entity Denied Extension for Refunds Due to Operating Unregistered Investment Scheme and Delaying Verification Tactics.

Running a Collective investment scheme [CIS] without obtaining the certificate of registration - Appellant resorted to all kinds of dilatory tactics in not getting the repayments verified, namely, whether the appellant had actually refunded the amount to the investors - the application for extension of time to refund the amount was rightly rejected .....

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