sebi:CO/35/CIS/05/2003
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Facts / Headnote
Directed the company to refund money collected under its Collective Investment Schemes with returns due as per terms of offer within one month, failing which prosecution under Section 24, 5-year capital market debarment, reference to state government/police and reference to Department of Company Affairs for winding up would follow.
Provisions invoked
- s. 11B
- s. 4(3)
- s. 24
- s. 12
- s. 30
Regulations
- Reg. 73
- Reg. 65
- Reg. 5
- Reg. 1
- Reg. 70
- Reg. 30A
Parties
- M/s Life Care (India) Ltd
Holding
SEBI directed Life Care (India) Ltd to refund CIS collections with returns due to investors within one month of the order for violating Regulations 73 and 74 after rejection of provisional registration, failing which prosecution, debarment and other consequential actions would follow.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Lifecare (India) Limited May 29, 2003 | Orders : Orders of Chairman/Members CO/35/CIS/05/2003 SECURITIES AND EXCHANGE BOARD OF INDIA
C/ /2003/CIS 1.1 M/s Life Care (India) Ltd (hereinafter referred to as ‘company’), had raised funds amounting to Rs. 9.20 lacs from the investors / public under the various collective investment schemes operated by it. The company filed certain information / details with the Securities and Exchange Board of India ( hereinafter referred to as SEBI) regarding its collective investment schemes. The aforesaid information was filed pursuant to the Press Release of SEBI dated November 26, 1997 and December 18, 1997. In the above Press Release SEBI had inter alia stated that any collective investment scheme which is desirous of taking the benefit of the proviso to section 12 (1B ) of the SEBI Act, 1992 (hereinafter referred to as the said Act) has to send to SEBI, certain information within 21 days from the date of the said Press Release. 1.2 Section 12(1B) of the said Act provides that - “No person shall sponsor or cause to be sponsored or carry on or caused to be carried on any venture capital funds or collective investment schemes including mutual funds, unless he obtains a certificate of registration from the Board in accordance with the regulations: Provided that any person sponsoring or causing to be sponsored, carrying or causing to be carried on any venture capital funds or collective investment schemes operating in the securities market immediately before the commencement of the Securities Laws (Amendment) Act, 1995, for which no certificate of registration was required pri
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Source: SecMarx — sebi:CO/35/CIS/05/2003. 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.