Rose Valley to file suit against SEBI

The Rose Valley group today issued a statement saying that it would take legal action against SEBI for restraining it from raising money under its holiday membership schemes. The market regulator had yesterday issued an order barring Rose Valley Hotels and Entertainment Limited (RVHEL) and its directors “not to collect money any more from investors including under the existing schemes”. “We strongly condemn the SEBI statement on Rose Valley’s holiday membership plan as there was no inquiry undertaken by SEBI on this. We came to know about the order from the press and,until this point of time,the original order has not been served to us… We are legally examining the order and will take legal remedial measures forthwith,” said Gautam Kundu,chairman of Rose Valley group.