sebi:Order/BD/MG/2020-21/9509-9516
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Facts / Headnote
Noticees 1, 2 and 4 to 8 held to have failed to comply with SEBI interim order dated December 26, 2014 read with Regulation 65 of CIS Regulations and penalized jointly and severally under Section 15HB of the SEBI Act; SCN against Noticee 3 (Shri Sandeep Shankar) disposed of with no liability.
Provisions invoked
- s. 11A
- s. 15
- s. 11(1)
- s. 12
- s. 15H
- s. 15J
- s. 15F
- s. 24
Regulations
- Reg. 65
- Reg. 3
- Reg. 16
Parties
- Sai Prakash Properties Development Limited
- Shri Pushpendra Singh Baghel
- Shri Sandeep Shankar
- Ms. Pushpanjali Singh Baghal
- Shri Shahendra Singh Baghel
- Shri Ranvijay Pratap Singh Baghel
- Mragendra Singh Baghel
- Shri Dheerendra Krishan Pratap
Holding
Noticees 1, 2 and 4 to 8 failed to comply with the directions in SEBI Order No. WTM/SR/CIS/WRO/119/12/2014 dated December 26, 2014 read with Regulation 65 of CIS Regulations and are liable for monetary penalty under Section 15HB of the SEBI Act, while Noticee 3 is exonerated.
Full text
Page 2 of 26 for failing to comply with the directions of SEBI Order no. WTM/SR/CIS/WRO/119/12/2014 dated December 26, 2014 (hereinafter referred to as 'Interim Order/ Order'). SEBI vide aforesaid order directed the Noticees 1 to 8 to not to collect any fresh moneys from investors from its existing scheme and not to launch any new scheme/ plan or float any new companies/ firm to raise fresh moneys. Thereafter, SEBI conducted a formal investigation in the matter. During the course of investigation, SEBI found that the Noticees 1 to 8, have collected moneys and thus failed to comply with the Interim Order read with Regulation 65 of Collective Investment Scheme Regulations, 1999 (Herein after referred to as ‘CIS Regulations’).
Page 3 of 26 15HB of the SEBI Act for failing to comply with the Interim Order read with Regulation 65 of CIS Regulations, by the Noticees 1 to 8. The details in respect of the alleged violation by the Noticees are as given below:
Page 4 of 26 mentioned at paras above, SEBI, vide its interim order dated December 26, 2014, also issued the following directions which were duly served on the Noticees:
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Source: SecMarx — sebi:Order/BD/MG/2020-21/9509-9516. 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.