sebi:WTM/GM/EFD/08/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued: prohibition on collecting contributions, winding up of schemes and refund of contributions with returns within three months, restraint on alienating assets, restraint from accessing securities market, and restraint on noticee directors from holding director/KMP positions in listed companies for four years.
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Mark Builders & Land Developers Ltd.
- Gurnek Singh
- Sarabjit Singh
- Kuljeet Kaur
- Gursharanpreet Singh
- Narinder Sharma
Holding
MBLDL's schemes for booking and development of plots of land constituted a collective investment scheme under Section 11AA of the SEBI Act, and MBLDL was required to be registered under Section 12(1B) of the SEBI Act and the CIS Regulations, which it was not.
Full text
_____________________________________________________________________________ Order in the matter of Mark Builders & Land Developers Ltd. Page 2 of 10
_____________________________________________________________________________ Order in the matter of Mark Builders & Land Developers Ltd. Page 3 of 10
_____________________________________________________________________________ Order in the matter of Mark Builders & Land Developers Ltd. Page 4 of 10
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Source: SecMarx — sebi:WTM/GM/EFD/08/2018-19. 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.