sebi:BD/NR/2020-21/8157-8163
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Facts / Headnote
Penalty imposed on all 7 Noticees for violation of Section 12(1B) of SEBI Act and Regulation 3 of SEBI (CIS) Regulations
Provisions invoked
- s. 11A
- s. 15
- s. 19
- s. 12
- s. 27
- s. 15I
- s. 15J
- s. 28A
- s. 15D
- s. 30
- s. 14
- s. 33(5)
Regulations
- Reg. 3
Parties
- Adel Landmarks Ltd. (Noticee 1)
- Rakesh Kumar Gupta (Noticee 2)
- Sumit Bharana (Noticee 3)
- Arvind Kumar Birla (Noticee 4)
- Rashmi Bharana (Noticee 5)
- Sanjay Chawla (Noticee 6)
- Manisha Bharana (Noticee 7)
Holding
Adel Landmarks Ltd. and its six directors were held liable for operating an unregistered collective investment scheme by mobilizing funds from the public through a pre-booking of plots scheme without obtaining registration under Section 12(1B) of the SEBI Act and Regulation 3 of the SEBI (CIS) Regulations. The NCLT moratorium under Section 14 of IBC did not bar continuation of the adjudication proceedings.
Full text
Adjudication Order in respect of 7 entities in the matter of Adel Landmarks Ltd., Page 2 of 26 Gurgaon. The complainants alleged that, vide the said scheme, Adel had mobilized crores of rupees from investors and failed to refund the same within the stipulated time. The complainants also forwarded copies of the agreements entered into along with the payment receipts issued by Adel.
Adjudication Order in respect of 7 entities in the matter of Adel Landmarks Ltd., Page 3 of 26 the SEBI Adjudication Rules to show cause as to why an inquiry should not be held and penalty be not imposed against them under Section 15D(a) of the SEBI Act, for the violation alleged to have been committed by them.
Adjudication Order in respect of 7 entities in the matter of Adel Landmarks Ltd., Page 4 of 26 clearly informed to the Authorized Representative that if no reply is furnished by June 29, 2020, the matter shall be decided based on the documents, which are on record.
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Source: SecMarx — sebi:BD/NR/2020-21/8157-8163. 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.