HC upheld imprisonment sentence against appellant-Director for violating Collective investment schem

CL : HC convicted appellant-company and its Managing Director for contravening sub-section (1B) of section 12 of SEBI Act as it collected money from the investors under its CIS schemes without registration with SEBI and it also committed contravention of the provisions of section 24 of the Act by not complying with the Regulations framed by SEBI and the directions issued by the Chairman.