sebi:WTM/AB/WRO/WRO/7170/2019-20
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Facts / Headnote
PDAL directed to wind up existing Collective Investment Schemes and refund money with returns within three months with Winding up and Repayment Report; Noticee nos. 2,3,4,5,6 and 7 made jointly and severally liable on default; Noticee nos. 1-7 restrained from securities market till refund plus four years thereafter and Noticee nos. 8 and 9 restrained for four years; recovery proceedings on failure.
Provisions invoked
- s. 11A
- s. 19
- s. 12
- s. 30
- s. 45
- s. 58A
- s. 620A
- s. 58
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Pragya Dairies & Agro Ltd.
- Punam Chand Patidar
- Nana Lal Patidar
- Pooja Patidar
- Durga Patidar
- Rajesh Jain
- Ansar Ahmed
- Alok Sahai Vidyarthi
- Pramila Jain
Holding
PDAL's Cattle/Ghee Business Plans described as Joint Ventures are unregistered Collective Investment Schemes in violation of Section 12(1B) and Regulation 3, and post-September 2013 mobilization is a fraudulent practice; PDAL and its directors/promoters must wind up and refund investors with returns.
Full text
Final order in the matter of Pragya Dairies & Agro Ltd. director i.e. Noticee no. 7 and two promoters i.e. Noticee no. 8 and 9.
Final order in the matter of Pragya Dairies & Agro Ltd. i. PDAL and its directors and promoters, viz. Punam Chand Patidar, Nana Lal Patidar, Pooja Patidar, Durga Patidar, Rajesh Jain, Ansar Ahmed, Alok Sahai Vidyarthi and Pramila Jain, to wind up the existing Collective Investment Scheme and to refund the money collected under the Scheme with returns which are due to investors as per the terms of offer of the said Scheme, supported by a Winding up and Repayment Report (in accordance with the CIS Regulations, 1999) to the satisfaction of SEBI (to be submitted to SEBI within 7 days of completion of the refund); and
Final order in the matter of Pragya Dairies & Agro Ltd. Noticee no. 1, 2, 3, 4, 5, 6, 7 and 9. 7. Before proceeding to examine the matter on merits, it would be appropriate to refer to the relevant provisions of law which have been alleged to be violated by the Noticees. The relevant extract of these provisions are as under:
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/7170/2019-20. 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.