sebi:WTM/AS/WRO/WRO/30296/2024-25
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Facts / Headnote
Interim directions dated January 29, 2024 confirmed and continued - Entities to cease CIS activity, not collect or divert funds, not alienate assets, bank/demat freeze continued; proposal for release of business funds rejected; freeze lifted only for personal accounts of Mr. Rituraj Sharma, Ms. Gayatri Rinwa and Mr. Krishna Sharma; details of partners/investors to be submitted within 15 working days.
Provisions invoked
- s. 11A
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
- s. 12
- s. 11C
- s. 27(1)
- s. 30
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Farm Tech Silo LLP (also known as Growpital)
- ZF Project LLP 1
- ZF Project LLP 2
- ZF Project LLP 3
- Yotta Agro Venture Private Limited
- Mr. Rituraj Sharma
- Ms. Gayatri Rinwa
- Mr. Krishna Sharma
Holding
The scheme/arrangement operated through the Growpital Platform prima facie falls within Section 11AA(2) SEBI Act as an unregistered CIS in violation of Section 12(1B) and Regulation 3 of CIS Regulations, so the ex-parte interim restraints are confirmed. The Entities' proposal for unfreezing business accounts is rejected, except for lifting freeze on individual accounts of three individuals for day-to-day expenses.
Full text
Confirmatory Order in the matter of Growpital Platform Page 2 of 53 (“SEBI Act”). The brief facts relevant for the present matter have been laid out in the subsequent paragraphs.
Confirmatory Order in the matter of Growpital Platform Page 3 of 53 iv. Not to dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of such assets including moneys lying in bank accounts belonging to the Entities, except with the prior permission of SEBI, until further orders.
Confirmatory Order in the matter of Growpital Platform Page 4 of 53 4. Banks, Depositories and Registrar and Transfer Agents were directed to freeze the bank accounts, demat accounts belonging to the Entities and not to allow transfer or redemption of securities of the Entities.
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Source: SecMarx — sebi:WTM/AS/WRO/WRO/30296/2024-25. 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.