sebi:Order/KS/AA/2020-21/8031-33
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Facts / Headnote
Noticees held liable under Section 15HB of the SEBI Act for non-compliance with WTM orders; penalty of Rs.15,00,000 on Maitreya Plotters and Structures Pvt. Ltd. and Rs.25,00,000 on Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar, payable jointly and severally, imposed with direction to pay within 45 days failing which recovery under Section 28A.
Provisions invoked
- s. 11A
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
Parties
- Maitreya Plotters and Structures Pvt. Ltd.
- Ms. Varsha Madhusudan Satpalkar
- Mr. Janardan Arvind Parulekar
Holding
Noticees 2 and 3 violated the restraint in SEBI Order dated March 25, 2013 by continuing CIS activities through MPSPL, and all Noticees violated SEBI Interim Order dated August 30, 2013 read with confirmatory order dated September 12, 2014 by diverting funds and continuing collections through MRCPL, and are liable to penalty under Section 15HB of the SEBI Act.
Full text
Page 2 of 28 (hereinafter referred to as ‘SEBI Order dated March 25, 2013’) against Maitreya Services Pvt. Ltd. (hereinafter referred to as ‘MSPL’) as well as Ms. Varsha Madhusudan Satpalkar (hereinafter referred to as ‘Noticee 2’) and Mr. Janardan Arvind Parulekar (hereinafter referred to as ‘Noticee 3’) who were the directors of MSPL at the time. For the sake of convenience, Noticee 1, Noticee 2 and Noticee 3 have been collectively referred to as ‘Noticees’ in this order.
Page 3 of 28 4. Subsequently, vide SEBI Interim Order dated August 30, 2013, SEBI directed Noticee 1 and its directors viz. Noticees 2 & 3- (a) not to collect any more money from investors including under the existing schemes; (b) not to launch any new schemes; (c) not to dispose of any of the properties or alienate any of the assets of the schemes; (d) not to divert any funds raised from public at large which are kept in bank account(s) and/or in the custody of MPSPL.
Page 4 of 28 view of this, adjudication proceedings have been initiated against the Noticees for non-compliance of the abovementioned orders. APPOINTMENT OF ADJUDICATING OFFICER
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Source: SecMarx — sebi:Order/KS/AA/2020-21/8031-33. 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.