sebi:Order/VV/NK/2021-22/15204-15209

SEBI · SEBI · 2016-06-07 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 60,00,000 imposed jointly and severally on Noticee Nos. 1 to 6 under Section 15HA of the SEBI Act for violation of Regulation 4(2)(t) of the PFUTP Regulations, 2003

Provisions invoked

Regulations

Parties

Holding

The Noticees operated unregistered collective investment schemes in violation of Regulation 4(2)(t) of the PFUTP Regulations, 2003 and are jointly and severally liable to pay Rs. 60,00,000 penalty under Section 15HA of the SEBI Act.

Full text

Adjudication Order in respect of 6 entities in the matter of Pragya Dairies and Agro Limited Page 2 of 24 1. Pragya Dairies & Agro Limited (hereinafter referred to as "PDAL/Company") is a company incorporated under the Companies Act, 1956 on March 18, 2010. The registered office address of PDAL is at ‘201, Mayank Villa, 123, Chikitsak Nagar, Indore, MP, 452001’.

Adjudication Order in respect of 6 entities in the matter of Pragya Dairies and Agro Limited Page 3 of 24 e) Assured/indicative/expected returns made in the scheme(s); f) Copies of offer documents, application form, pamphlets, brochures of the scheme(s) launched; g) Sample copies of the registration letter and allotment letter issued to the investors who subscribed to the scheme(s); h) Sample copies of the agreement letter / contract required to be entered into by investor / applicant under the scheme (s) i) Options available with the investor if he does not want to hold his investment till maturity; j) Whether any instrument is issued to the investors after receipt of fund; k) If such instruments are issued whether they are transferable; l) In case the ‘Scheme(s)’ pertain to booking / purchase of goods / properties / assets/ live stock / plantations / land/dairy / etc , please specify the options available with investor if he does not want to posses the good/property after payment of initial amount; m) Details of any other similar scheme(s), if any , floated by the company or its group/ associates company ; n) Confirm whether ‘Scheme (s)’ floated by the company falls under the SEBI ( Collective Investment Schemes ) Regulations,1999. o) Address of all the branches operating in India. p) Was any broker / agents employed for said issue ? If yes, please provide name and amount of brokerage/ commission paid. q) Details of any action initiated/ taken by any other authority ( inclu

Adjudication Order in respect of 6 entities in the matter of Pragya Dairies and Agro Limited Page 4 of 24 5. Further, letter dated November 25, 2016 was sent to the auditor of PDAL viz. K. Motwani & Co., to provide the following information/documents:

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Source: SecMarx — sebi:Order/VV/NK/2021-22/15204-15209. 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.