Alchemist Payment Refund List 2023: SEBI began investigating the matter in 2011 after receiving an anonymous complaint about Alchemist Infra Realty Ltd unlawfully raising funds from the investor’s capital markets regulator. The Securities and Exchange Board of India discovered that the company had raised more than Rs. 1,916 crores through collective investment schemes (CIS) under the guise of real estate business.
According to the SEBI investigation, the company’s investment application forms also stated that it was part of the ‘Alchemist Group,’ which was involved in a variety of industries, including steel, food and beverages, IT, healthcare, media, aviation, real estate, hospitality, education, and tea estate, among others, and had an asset base of over Rs 5,000 crore.
The company was also charged investors up to 75 percent in development fees for the purchase of land. During the initial investigation, the company refused to provide the capital markets regulator with the requested information, alleging that the regulator lacked jurisdiction and that it did not engage in CIS activity.
According to the most recent report, Alchemist Infra stated that it had refunded over Rs. 1127 crore and had to repay only Rs.
Alchemist Payment Refund List 2023: SEBI took action regarding the matter at hand.
As part of a new assault on ‘collective investment schemes,’ SEBI ordered Alchemist Infra Realty Ltd and its directors and promoters to cease all such activities immediately and refund the money collected from public investors within three months. In addition, the company and its five directors have been denied access to the securities market until further notice.
According to a ruling dated June 21, if the company and its directors do not comply with SEBI’s directives, they will be charged with “fraud, deceit, criminal breach of trust, and misuse of public funds.”
The SAT judgement is contingent on the company paying SEBI one lakh and providing the regulator with the requested information within two weeks; otherwise, the May 27, 2015 SEBI order would be reinstated. In a judgement dated 21 June 2013, SEBI ordered Alchemist to refund approximately Rs. 1,916 crores to investors within three months and to discontinue the designated collective investment scheme programme.
The SEBI ruling was challenged before the SAT, but the tribunal upheld it while extending the refund period by 18 months (to July 2013) and permitting Alchemist to seek an extension if needed. In its most recent appeal to SAT, Alchemist stated that it has returned over 1,127 crores and only needed to refund over 789 crores based on bank credentials.
Refund Proceedings will be conducted by the Committee of Justice S. P. Talukdar.
Individuals from the state of Jharkhand who invested their hard-earned money in Alchemist Group via a variety of initiatives will now receive a refund. The money collected from the sale of companies’ assets and properties has been transferred to the S. P. Talukdar Committee, which the Calcutta High Court constituted on July 2.
It was determined that the refund procedure will be initiated by the committee. Thousands of individuals’ smiles have returned upon hearing the news, and they are now eager to receive their money as soon as feasible.
It has been determined that 250 investors will receive daily payments for the same amount they invested in the chit-fund schemes of the Alchemist Group. December 2015 saw the formation of the committee. A list of investors and the quantity of money they have contributed has been compiled. Those who contributed less than Rs 10,000 will receive their checks in the initial distribution.
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Alchemist Payment Refund List 2023: Recent Developments Regarding Alchemist Infra Refund Proceedings
As the number of investors continues to rise, the One Man Committee has initiated the refund procedure in phases. Priority will be given to depositors with maturing investments. Additionally, priority will be given to individuals who are willing to receive a refund against the principal amount. Such a refund would be granted upon presentation of an indemnity bond.
As of December 2021, the company has repaid investors in exchange for 6,277 certificates through the Committee’s assistance. The company has not provided a fresh list of claimants. On the official website of the Justice S. P. Talukdar Committee, individuals who have invested money but have not yet been notified of a refund are encouraged to file a complaint or submit an online application form.
Individuals can also provide information such as mobile phone numbers, bank account information, etc. to initiate an online refund. The Committee will review the application and verify all of the information. Upon successful verification, funds will be transferred directly to depositors’ bank accounts.
To learn more about the refund procedure, investors/depositors are encouraged to consult the Committee’s official website.
