Financiers of Citrus Check Inns Ltd and Royal Twinkle Star Club Pvt Ltd can declare refunds of as much as 5,000 from August 1 under the Phase II refund procedure following fresh Supreme Court instructions.
Financiers of Citrus Check Inns Ltd and Royal Twinkle Star Club Pvt Ltd will be qualified to declare refunds of as much as Rs 5,000 from August 1, following the most recent instructions of the Supreme Court.
The A P Kurhekar Committee, made up by the pinnacle court to assist in refund procedure, stated all financiers regardless of their financial investment quantity are qualified for refund as much as Rs 5,000 after change of the commission or refund currently gotten by them.
The eligibility likewise covers financiers who were overlooked of the very first stage, according to a public notification published on the Sebi’s website.
The Phase II refund website will stay open from August 1 to September 14, 2026. The whole procedure will be carried out online and financiers have actually been asked to keep their files all set and register their claims on the website, it included.
The Committee was formed pursuant to Supreme Court orders dated August 8, November 20, 2024, and March 25, 2025, in the matter.
Supreme Court broadens refund scope for all qualified financiers
Previously, financiers who had actually invested approximately Rs 7,500 were qualified for refunds of approximately Rs 5,000, based on modification of commission or refund currently got. The most recent Supreme Court order on May 25, 2026, extended the eligibility to all financiers regardless of their financial investment quantity, according to the notification.
Case traces back to Sebi action versus unlawful fund mobilisation
In December 2018, the Securities and Exchange Board of India (Sebi) had actually enforced a charge of Rs 50 lakh on Citrus Check Inns and its directors for non-compliance with its order, where it had actually disallowed them from raising funds from the general public.
The marketplaces guard dog had actually gotten a number of financier problems versus Citrus declaring that directors of Royal Twinkle were running their cumulative financial investment plan (CIS) through Citrus.
Prior to that, in August 2015, Sebi had actually enforced a four-year restriction on Royal Twinkle and its 4 directors for unlawfully raising over Rs 2,656 crore in the attire of the sham “timeshare” vacation strategies. It had actually directed the business and its authorities to reimburse the cash along with guaranteed returns to the financiers in 3 months.
Released on July 30, 2026
