sebi:WTM/AS/WRO/WRO/29991/2023-24
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Facts / Headnote
Prima facie CIS found; Entities directed to cease and desist CIS activity, not collect/divert/dispose funds or assets, not access securities market, submit investor and asset inventory within 15 working days; banks, depositories, RTAs directed to freeze accounts; Cashfree Payments India Private Limited directed not to accept payments for Growpital; directions effective immediately until further orders.
Provisions invoked
- s. 11A
- s. 19
- s. 11(1)
- s. 12
- s. 27
- s. 27(1)
- s. 30
- s. 45
- s. 58A
- s. 620A
Regulations
- Reg. 65
- Reg. 4
- Reg. 3
- Reg. 4(2)(t)
- Reg. 2(2)
Parties
- Farm Silo Tech LLP (Growpital / Farm Tech Silo LLP)
- ZF Project 1 LLP
- ZF Project 2 LLP
- ZF Project 3 LLP
- Yotta Agro Ventures Private Limited
- Mr. Rituraj Sharma
- Ms. Gayatri Rinwa
- Mr. Krishna Sharma (referred as Krishnna Joshi in MCA database)
Holding
Prima facie the scheme/arrangement operated through the Growpital platform falls within the definition of a Collective Investment Scheme and is being run without SEBI registration, and ad-interim ex-parte restraining and asset-preservation directions were issued pending detailed examination.
Full text
Interim Order in the matter of Growpital Platform Page 2 of 34 requested to look into the matter and take necessary action to safeguard the interests of investors.
Interim Order in the matter of Growpital Platform Page 3 of 34 installation for plant, machinery, cold storage, air conditioning, refrigeration and other equipment and providing consulting and support services.
Interim Order in the matter of Growpital Platform Page 4 of 34 ISSUES FOR CONSIDERATION AND PRIMA FACIE FINDINGS 3. I have carefully perused the LLP agreements, which were gathered during the examination, consent letters, particulars of bank accounts, bank statements, documents available on MCA database, details on the website of Growpital, and other material on record. In this context, the following issues arise for determination in the instant matter:
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Source: SecMarx — sebi:WTM/AS/WRO/WRO/29991/2023-24. 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.