sebi:Order/SR/2021-22/14958/3
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Facts / Headnote
Violations established; penalty of Rs. 10,00,000 imposed
Provisions invoked
- s. 11B
- s. 11A
- s. 15
- s. 12(1)
- s. 15H
- s. 15I
- s. 28A
- s. 15D
- s. 24
- s. 151
Regulations
- Reg. 71
- Reg. 65
- Reg. 73(7)
Parties
- M/s Gaekwad Plantation Limited
Holding
The Noticee failed to comply with SEBI Order dated December 07, 2000 to refund monies within one month and operated a Collective Investment Scheme without registration under Section 12(1) of the SEBI Act, 1992, and is therefore liable for monetary penalty under Sections 15HB and 15D(a). A penalty of Rs. 10,00,000 was imposed.
Full text
Adjudication Order in respect of Gaekwad Plantations Ltd. in the matter of Gaekwad Plantations Ltd. Page 2 of 26 noted that, GPL in its reply letter dated May 17, 2013 inter alia stated that the letter dated February 12, 2001 was forged and that signatures in the said letters are not of the directors of the company and also that 57% of teak holders had given positive consent to continue with the scheme. It is noted from record that GPL sought inspection of documents regarding said letter and inspection was provided by SEBI. GPL inspected the documents on December 12, 2013 and filed reply dated December 19, 2013, wherein, it was re-iterated that WRR, earlier submitted vide letter dated February 12, 2001 was fabricated.
Adjudication Order in respect of Gaekwad Plantations Ltd. in the matter of Gaekwad Plantations Ltd. Page 3 of 26 The original record was then transferred to undersigned vide office note dated December 22, 2020 and thus matter was proceeded further since. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Gaekwad Plantations Ltd. in the matter of Gaekwad Plantations Ltd. Page 4 of 26 1992 read with regulations 65 & 73 of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as "CIS Regulations") SEBI vide its aforesaid Order dated December 07, 2000 inter alia directed M/ s Gaekwad Plantation Limited " ......to refund the money collected under the schemes with returns which is due to the investors as per the terms of offer within a period of one month from the date of this Order......"
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Source: SecMarx — sebi:Order/SR/2021-22/14958/3. 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.