Payment to the Unit Holders of CRB Mutual Fund after 16 years
After 16 years, the investors of CRB Mutual Fund who had invested in its close ended Arihant Mangal Scheme will get back their money as Delhi High Court constituted a Committee headed by Shri S.K. Tandon, a retired Additional District Judge, Delhi, Mr. S.C. Das, Ex Executive Director, SEBI and Sh. M.D. Kanther as Members to wind up the said Scheme of CRB Mutual Fund and distribute the corpus to unit holders as per the NAV. Justice Sudershan Kumar Misra in his order said looking to the special circumstances in this case, and keeping in mind the fact that a Provisional Administrator appointed by the Court has been looking after the management and administration of the Scheme ever since the year 1997; the fact that the last Provisional Administrator, Sh. M.L.T. Fernandes, has passed away in February 2012; and with a view to doing complete justice in the matter which has been pending in the courts for the last 16 years; and as prayed for by counsel for both parties (SEBI & CRB Capital Markets Ltd.); it would be in the fitness of thing if matters are now brought to a close with this Court constituting a special committee to carry out the functions of the Trustee and to proceed to wind up the Scheme in terms of the Regulations 41 and 42 of the Securities Exchange Board of India (Mutual Funds) Regulations, 1996, with full power to act in this behalf in a manner similar to that of regularly constituted trustees, as contemplated under the SEBI (Mutual Fund) Regulations.
The Court in its judgment said that the Committee has term of one year to dispose off all the securities of Arihant Mangal Scheme which are presently lying with IIT Corporate Services Ltd. The Panel shall distribute the sale proceeds to all the unit holders at the Net Asset Value which is to be ascertained by the Committee after following the prescribed norms in terms of provisions of SEBI (Mutual Funds) Regulations, 1996.
Justice Misra also empowered the Committee to take various steps in order to distribute money to unit holders. In addition to the above, the Committee is also authorized to carry out certification of securities transacted during the period 22.05.1996 to 22.05.1997 after laying down the certification procedure.
RTI Citation : RTIFI/2013/CIC/1338
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