sebi:AO/SG-VS/EAD/88-92/2017

SEBI · SEBI · 2013-09-17 · Suresh Gupta, Adjudicating Officer

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Facts / Headnote

Monetary penalty of Rs.25,00,000 jointly and severally on Noticees-1 to 4 for violation of Regulation 4(2)(t) of PFUTP Regulations; adjudication proceedings against Noticee-5 Mr. Rajendra Kshirsagar disposed of without penalty.

Provisions invoked

• s. 11A
• s. 15
• s. 12
• s. 11
• s. 15H
• s. 15J

Regulations

• Reg. 3
• Reg. 4
• Reg. 4(2)
• Reg. 200
• Reg. 4(2)(t)

Parties

• Ally Multi Trade India Private Limited (Now known as Ally Housing & Development Private Limited)
• Mr. Chetan Yashwant Thakur
• Mr. Vijay Dattaram Chavan
• Dr. Suryakant Sambu Bhosle
• Mr. Rajendra Kshirsagar

Holding

Noticees-1 to 4 illegally mobilized funds through IPS and SPS which are Collective Investment Schemes without registration, violating Regulation 4(2)(t) of PFUTP Regulations, and are jointly and severally liable for Rs.25,00,000 penalty under Section 15HA; proceedings against Noticee-5 Rajendra Kshirsagar are disposed of with no liability.

Full text

Adjudication order in the matter of Ally Multi Trade India Private Limited (Now known as Ally Housing & Development Private Limited) Page 2 of 41 Noticee-1. Noticee-1 vide its letters dated September 17, 2013, October 15, 2013, October 21, 2013 and November 12, 2013 had furnished the information.

Adjudication order in the matter of Ally Multi Trade India Private Limited (Now known as Ally Housing & Development Private Limited) Page 3 of 41 1000 24000 400 1160 2320 4640 33360 25000 1250 30000 500 1450 2900 5800 41700 25000 2500 60000 1000 2900 5800 11600 83400 100000 3750 90000 1500 4300 8700 17400 125100 100000 5000 120000 2000 4800 11600 23200 166800 100000 7500 180000 3000 17400 17400 34800 250200 100000 10000 240000 4000 23200 23200 46400 333600 100000 12500 300000 5000 29900 29900 58000 417000 100000

Adjudication order in the matter of Ally Multi Trade India Private Limited (Now known as Ally Housing & Development Private Limited) Page 4 of 41 (ii) Investors are given the option to purchase their share in the undivided land upon giving 60 days notice and payment of remaining 75% amount pursuant to which a Deed of Conveyance will be executed subject to the applicable laws. (iii) As per Clause 3 of the schemes agreement, in case the conveyance is restricted by the laws in force at the time of request made by investor, the investor shall be entitled to refund of amount paid by him along with 'fair returns' as specified for different periods under both schemes. (iv) The investors are also entitled to refund of investment amount and assured 'fair returns' in case he exercises the option not to purchase the undivided right, title and interest in the land. (v) As per Clause 6 of the schemes agreement it has been specified that the possession of the land shall vest with Noticee-1 at all times and the investor shall not be entitled at any time to seek a partition of his holding. (vi) Noticee-1 reserved the pre emptive right of purchase in case the investor desires to transfer his rights to any third party. (vii) In addition to the above, a Life Protection Scheme is also offered to investors in both schemes which shall be offered to the extent of minimum Rs. 25,000/- and maximum Rs. 1,00,000/- in case investor meets with any unfortunate accidental hazard resulting in loss of life o

Source: SecMarx — sebi:AO/SG-VS/EAD/88-92/2017. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.