SEBI adjudicating officer finds Citrus Check Inns Ltd operated an unregistered collective investment scheme (CIS) mobilizing ₹2,722 crore from investors.
Four company directors held liable for violations of SEBI Act and PFUTP regulations, with penalties totaling ₹1.1 crore imposed personally.
The order notes an ongoing Supreme Court-monitored investor refund process where ₹29.33 crore has already been returned to 82,813 investors.
Company itself not penalized due to ongoing liquidation process under Supreme Court supervision through Sale and Monitoring Committee.