In Brief
This case concerns investors seeking recovery of principal and interest from Osians Connoisseurs of Art, operators of mutual fund schemes. After prolonged litigation, the Supreme Court directed that the company pay back the principal to all investors within six months and accrued interest (at 10% per annum on outstanding principal) within nine months. The Court noted that Fund 1 had already repaid Rs. 10.95 crores while Fund 2 had repaid 50% of principal. Rather than remand the matter to SEBI, the Court disposed of the appeal with these concrete payment directions to ensure investor protection.
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