sebi:CO/501/CIS/03/2003

SEBI · SEBI · 1998-01-14 · G.N. Bajpai, Chairman

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Facts / Headnote

Company and its promoters/directors/managers/persons in charge debarred from capital market activities for 5 years; directed to refund money collected under scheme(s) with returns within one month; failure to comply may lead to prosecution, further debarment, referral to state police, and referral to Department of Company Affairs for winding up.

Provisions invoked

Regulations

Parties

Holding

SEBI directed M/s Janaraksha Green Forests Ltd. and its promoters, directors, managers, and persons in charge to refund money collected under its scheme(s) with returns to investors within one month, and debarred them from associating with capital market activities for a period of 5 years.

Full text

Therefore, in exercise of the powers conferred upon me under Section 11B read with Section 4 (3) of the SEBI Act, 1992 and Regulation 65 of SEBI (Collective Investment Schemes) Regulations, 1999, I, hereby debar the company/its promoters/its directors/its managers/persons in charge of the business of its schemes, including names as contained in Annexure II from, in any capacity whatsoever, associating with the capital market related activities, dealing in securities, accessing the capital market, associating with any of the intermediaries in the capital market and operating in the capital market for a period of 5 years from the date of this Order.

Annexure I CO/431/CIS/12/2002 SECURITIES & EXCHANGE BORAD OF INDIA DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT 1992 READ WITH REGULATIONS 65 & 73 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) - REGULATIONS, 1999 ISSUED AGAINST M/S JANRAKSHA GREEN FORESTS LTD., KAPURTHALA M/s. Janaraksha Green Forests Ltd., Kapurthala (hereinafter referred to as the company) vide letter dated 14.1.98 responded to SEBI’s public notice dated 18.12.97 stating that they are not covered under the public notice issued by SEBI. Further, it was stated that in case SEBI still feels that they are covered, SEBI should let them know enabling them to send the requisite information to SEBI. The company was accordingly asked vide SEBI’s letter dated 31.3.98 to submit further information, inter-alia, the statement of deployment of funds mobilised under various schemes, details of their directors and compliance certificate regarding no further raising of funds. The company filed the said details/information with SEBI only on 29.4.98 received at SEBI’s office on 1.5.98 again stating that it is not covered under section 12(1B) of the SEBI Act, 1992. Vide its letter dated 16.6.98, SEBI replied to the company stating that scrutiny of its documents clearly brings out that the Company is operating Collective Investment Schemes well within the jurisdiction of SEBI in terms of SEBI’s Press Release/Public Notice dated 26.11.97/18.12.97 respectively. Subsequent to the notification of SEBI (Collective Investment Schemes) - Re

SEBI Act, 1992 and the provisions of Regulation 73 of the Regulations. Now, therefore, in exercise of the powers conferred upon me under section 11B of the SEBI Act,1992, in terms of Regulation 65 of the Regulations, I hereby direct you to refund the money collected under the scheme(s) with returns which is due to the investors as per the terms of the offer within a period of one month from the date of this order failing which the following

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Source: SecMarx — sebi:CO/501/CIS/03/2003. 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.