New Delhi, Jan 31 (PTI) Markets regulator Sebi Thursday banned Maitreya Plotters and Structures and two directors from the markets for at least four years and asked them to refund Rs 1,775 crore to investors in three months.Also Read - Assam Lockdown: State Relaxes Restrictions, Allows 200 People At Weddings, Religious Functions | Full Guidelines Here

The directors are Madhusudan Satpalkar and Janardan Arvind Parulekar, as per Sebi order. Also Read - Consumers Will Soon Get Small LPG Cylinders, Financial Services Through Ration Shops | Details Here

Besides, the regulator noted that several proceedings have been initiated against the company by different entities and Nasik district court has allowed for constitution of a committee for payment of the money to the investors. Also Read - United States Issues its First Passport With 'X' Gender Marker | Details Inside

The Sebi in year 2013 had prime-facie found the schemes for booking or purchase of plot launched by the firm from 2009 to 2013 were deemed to be collective investment scheme (CIS).

As per the order, the company has stated to receive advance from the investors to the extent of Rs 1,775 crore.

Accordingly, Sebi had barred entities from further collecting money and asked them not to dispose of assets acquired by them through the fund-raise.

The interim orders were later confirmed in the September 2014.

In a fresh order, the regulator said the entities have not obtained any certificate of registration from Sebi under the CIS regulations for its fund mobilising activity from the public under various schemes offered by it and thereby contravened CIS norms.

Following which Securities and Exchange Board Of India (Sebi) barred them from securities markets for four years from the date of completion of refund.

However, the directions shall be subject to the permission of the district court or the committee constituted under the order of the District Court of Nasik, the regulator said.

This is published unedited from the PTI feed.