sebi:CO/382/CIS/11/2002

SEBI · SEBI · 1999-10-15 · G.N. Bajpai, Chairman, Securities and Exchange Board of India

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Facts / Headnote

Debarment of the company and its promoters/directors/managers/persons in charge from operating in and accessing the capital market for 5 years

Provisions invoked

Regulations

Parties

Holding

The Chairman, SEBI debarred M/s. Merry Beach Farms Pvt. Ltd. and its promoters, directors, managers and persons in charge of the business of its schemes from operating in the capital market and from accessing the capital market for a period of 5 years from the date of the Order.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against M/s. Merry Beach Farms Pvt. Ltd Nov 15, 2002 | Orders : Orders of Chairman/Members CO/382/CIS/11/2002 SECURITIES AND EXCHANGE BOARD OF INDIA

Follow Us GST No. 27AAAJS1679K1ZL Terms & Conditions | Privacy Policy © SEBI All Rights Reserved - Website Owned and Managed by SEBI What's New | Contact Us | Feedback | Site Map | Website Policy | Guidelines for Data Sharing | My SEBI | FMC (Erstwhile) | SAT | Screen Reader Access | Investor Website | Useful Links | RTI Act, 2005 | Committees | Cause List | Tenders | Careers | Help | FAQs | Intermediaries | Statistics | The site is best viewed in Internet Explorer 11.0+, Firefox 24+ or Chrome 33+. obligations and report compliance by December 2001. The company failed to report compliance of this direction also. Final opportunity of personal hearing before the then Chairman, SEBI was granted to the company on January 14, 2002 wherein it was informed:

Further, by way of a Show Cause Notice dated May 12, 2000, the Company was asked to show cause as to why the action mentioned therein be not initiated against it for the aforesaid violations/ non-compliance. The Company vide its reply dated May 27, 2000 reiterated that it did not fall under the definition of collective investment schemes. However from the perusal of document filed by the company with SEBI it was observed that the schemes of the company were squarely falling within the definition of Collective Investment Scheme as defined under Section 11AA of the SEBI Act, 1992 as the contributions made by the investors were pooled together and then utilised for the purposes of the schemes, the contributions or payments to such scheme were made by the investors with a view to receive profits, income or produce, the scheme property was managed by the company and the investors therein did not have day to day control over the management and operation of the scheme. However before proceeding further in terms of the said Show Cause Notice dt. 12.05.2000, the company was granted personal hearings. First of such personal hearings took place on September 6, 2000 before the then Chairman, SEBI to explain the reason of such non compliance of the said Regulations. Shri Muralidhar Reddy, Advocate, authorised representative for the Company appeared for the personal hearing and reiterated that the schemes of the company are not collective investment schemes. However, without pressing the s

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Source: SecMarx — sebi:CO/382/CIS/11/2002. 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.