sebi:CO/94/CIS/08/2002
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Facts / Headnote
Directed the company not to collect any money from investors and not to launch any new scheme(s) and to refund money collected with returns due as per terms of offer within one month, failing which prosecution, debarment and references for civil/criminal and winding-up action would follow
Provisions invoked
- s. 11B
- s. 24
- s. 12
Regulations
- Reg. 74
- Reg. 65
- Reg. 73(9)
- Reg. 30A
- Reg. 73(8)
- Reg. 73
- Reg. 73(7)
Parties
- M/s. BVR Plantations Pvt. Ltd.
Holding
SEBI directed BVR Plantations Pvt. Ltd. not to collect money or launch new schemes and to refund investors with returns due within one month, failing which prosecution under Section 24, 5-year capital market debarment, and references for criminal and winding-up proceedings would follow.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against M/s. BVR Plantations Pvt. Ltd. Aug 26, 2002 | Orders : Orders of Chairman/Members CO/94/CIS/08/2002 SECURITIES AND EXCHANGE BOARD OF INDIA
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As per record, BVR circulated Information Memorandum to the unit holders on 18.2.2000. It admittedly received positive consent from only two unit holders out of approximately 400 unit holders. Having failed to receive positive consent from more than 25 % investors, in terms of the Regulation 73(7), BVR was required to wind up the schemes & repay the investors in terms of the Regulations by 18.5.2000. Further, it was to file the winding up & repayment report with SEBI by 2.6.2000. However, the winding up of the schemes & repayment to the investors was kept in abeyance by BVR on some pretext or the other and as such the winding up and repayment report, in SEBI prescribed format, has not been filed by BVR till date. SEBI vide letter dated 7.9.2000 asked BVR to explain as to why appropriate action should not be initiated against it for not complying with relevant provisions of SEBI Act, 1992 and SEBI (Collective Investment Schemes) - Regulations, 1999. Subsequently BVR made some payments to its unit holders in pursuance to its so called "winding up" proceedings. SEBI received investor complaints alleging the irregularities in the functioning of the schemes, manner of winding up, falsification of accounts, siphoning of funds, lack of transparency in the disposal & realization of assets. References were also received from Police Authorities corroborating the aforesaid irregularities. While on one hand, BVR informed SEBI about its intention to wind up its schemes, on the other, it e
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Source: SecMarx — sebi:CO/94/CIS/08/2002. 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.