Aruna Suresh, J.

.1. Petitioner has been summoned vide order dated 15.12.2003 in complaint case No. 1231/2003 titled "Securities and Exchange Board of India v. Divyabhoomi Agro (I) Ltd. and Ors.", as director of the company, in view of the violation under

.Section 27 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act") by the learned Additional Sessions Judge. M/s. Divyabhoomi Agro (I) Ltd. (hereinafter referred to as "the company") was operating Collective Investment Schemes (hereinafter referred to as "CIS") at the time of coming into force of SEBI (Collective Investment Schemes) Regulations, 1999 and raised an aggregate amount of Rs. 8,26,800/- from the general public. The company filed details with Securities and Exchange Board of India (hereinafter referred to as SEBI) regarding its CIS, pursuant to SEBI press release dated 26.11.1997 and public notice dated 18.12.1997. As per the regulations, any person, who had been operating CIS at the time of commencement of the said regulations was deemed to be an existing CIS and after coming into force of these regulations, the said person was required to move an application before SEB