A company owned by Trinamool Congress' KD Singh has been given three months to wind up a scheme through which it collected over Rs 1,000 crore in the last five years from small investors across the country.
Market regulator SEBI has instructed Alchemist Infra Realty Limited to shut down its "collective investment scheme."
Alchemist told NDTV after the SEBI order that it is a law abiding company. Here's the full text of the statement:
"Alchemist is a law abiding professional group. The group has been in business for the last 32 years and has never defaulted in any repayment to its investors be it institutional, banks or public in any form.
This SEBI order has come in on Friday evening and our legal department is studying it. We reiterate that Alchemist is a law abiding group and will abide by the directions of the law of the land.
Beyond this we will not like to respond at this stage."