SEBI to re-adjudicate Citrus Check Inns Ltd. penalty, SAT sets deadline December 31, 2026

This order documents the fresh adjudication proceedings by SEBI regarding Citrus Check Inns Ltd. and three of its directors, following the Securities Appellate Tribunal (SAT) setting aside a previous penalty order due to procedural issues. The core issue is the alleged violation of SEBI's interim and confirmatory orders from 2015 regarding the collection of funds from investors.

Citrus Check Inns Ltd. (Noticee 1), Omprakash Basantlal Goenka (Noticee 2), Prakash Ganpat Utekar (Noticee 3), and Venkatraman Natarajan (Noticee 4).

• SAT set aside the previous penalty order of INR 50,00,000 dated December 28, 2018, regarding Noticees 2, 3, and 4.
• SAT remanded the matter to SEBI for fresh consideration, directing SEBI to complete proceedings by December 31, 2026.
• SEBI granted a hearing on July 15, 2026, and the Noticees filed their reply on July 14, 2026.
• The Noticees argued that the alleged violations were inadvertent, caused by collection agents, and that their assets are already attached under Supreme Court directions.
• The Noticees claimed they were non-executive directors (for Noticees 3 and 4) and not responsible for day-to-day operations.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document