New Delhi: The Supreme Court on Monday transferred a case related to irregularities in Rs.49,000 crore collective investment schemes (CIS) launched by Pearls Agrotech Corp Ltd from the Rajasthan high court to itself.
A bench of justices T.S. Thakur and V. Gopala Gowda said the case will be heard with the main appeal filed by Pearls Agrotech against an order of the Securities Appellate Tribunal (SAT).
SAT had upheld Sebi’s finding that Pearls Agrotech had violated CIS regulations in collecting money from its customers.
Capital market regulator Securities and Exchange Board of India (Sebi) had moved the apex court seeking to transfer Pearls Agrotech’s plea before the Jaipur bench of the Rajasthan high court. Pearls Agrotech had asked the high court to register its schemes.
Lawyer Pratap Venugopal, representing Sebi, said that the same issue was pending before the Supreme Court.
Sebi, in August last year, had found Pearls Agrotech guilty of violating CIS regulations. PACL had collected Rs.49,300 crore from nearly 60 million customers, Sebi had told the court earlier.
Thakur said Pearls Agrotech was increasingly sounding like the Sahara group.
