Citrus Check Inns Limited Refund News

Citrus Check Inns Limited Refund Status News 2024

Citrus Check Inns Limited is actually a new face of Royal Twinkle Star Club, infamous for selling holiday packages on a monthly installment basis and promising huge returns on investments. SEBI had also received complaints against Citrus from several investors claiming that the directors of Royal Twinkle Star Club Ltd. were operating a Collective Investment Scheme (CIS) through Citrus.

In December 2018, capital markets regulator SEBI imposed a penalty of Rs. 50 lakh on Citrus Check Inns and its directors for not complying with its directives for prohibiting from raising funds from the public. Earlier this year, capital markets regulator SEBI decided to auction properties of Citrus Check Inns Ltd. to recover investors’ money worth thousands of crores, which was illegally raised by the company.

The sale of properties will take place in various phases by e-auction. The assets and properties to go under the hammer included land parcels, office premises, shops, residential flats, plots & buildings located in Maharashtra, Goa, Gujarat, Daman, and Dadra, and Nagar Haveli. The money collected through e-auction will be used to refund investors’ money. More information regarding the initiation of the refund process will soon be made available to the public.

Auction Update 2023

Sebi said it has identified 39 properties of Royal Twinkle Star Club Pvt Ltd and Citrus Check Inns Ltd for an auction/sale on July 15 at an approximate price of Rs 66.51 crore.

The auction will be held between 11 am and 1 pm on July 15, 2022.

There is an auction happening for some properties related to a case involving Royal Twinkle Star Club Ltd. and Citrus Check Inns Ltd. These properties include land, buildings, and rooms located in Lonavala. Furniture, fixtures, and kitchen equipment are also included in the auction. The reserve price for these properties is Rs. 3172.50 Lakh. Additionally, there is another property located in a building called “Trade World” in Mumbai, which is also up for auction with a reserve price of Rs. 2304.00 Lakh.

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AspectDetails
BackgroundStay updated on the news. Contact SEBI for recovery status at https://www.sebi.gov.in/. Consider legal advice for unrefunded investments in Citrus Check Inns schemes.
Current StatusNo 2024 updates on refunds. No clarity on issued refunds. Unlikely for immediate or full refunds due to liquidation status and property auctions.
RecommendationsStay updated on the news. Contact SEBI for recovery status at https://www.sebi.gov.in/. Consider legal advice for unrefunded investments in Citrus Check-Inns schemes.

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