Sebi has turned down Nicer Green Housing and Infrastructure Developers and its directors' request seeking more time for refunding investor money, saying the plea lacks "bona fides" and fails to invoke faith with respect to compliance.
In its submission to Sebi, Nicer Green and its directors had requested for a total of 36 months' time - 18 months to develop the land and further 18 months to sell the land - for making the refund of about Rs 4 crore to its customers.
Further, the company had also said the development activities on the land bank owned by it could not be undertaken earlier on account of Sebi's interim order passed in July 2014 and also adverse actions taken by other authorities including the local police against the firm and its promoters or directors
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