sebi:WTM/GM/EFD/26/2019-20
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Held ex-parte (except Sandeep Shankar) that SPPDL's Joint Ventureship Scheme is an unregistered collective investment scheme; directed company and six Baghel-family directors jointly and severally to wind up and refund with returns within three months with WRR, with market and director bars and recovery on default; disposed proceedings qua Sandeep Shankar without joint repayment liability but imposed one-year market and director restraint.
Provisions invoked
- s. 11A
- s. 12
- s. 173
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Sai Prakash Properties Development Ltd.
- Pushpendra Singh Baghel
- Pushpanjali Singh Baghel
- Ranvajay Pratap Singh Baghel
- Mragendra Singh Baghel
- Dheerendra Krishan Pratap
- Shahendra Singh Baghel
- Sandeep Shankar
Holding
SPPDL's Joint Ventureship Scheme constitutes an unregistered collective investment scheme in violation of section 12(1B) read with CIS Regulations, requiring wind-up and refund by the company and six directors; Sandeep Shankar is not jointly liable for wind-up/repayment but is restrained for one year for association with the illegal scheme.
Full text
__________________________________________________________________________________________ Order in the matter of SPPDL Page 2 of 8
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Source: SecMarx — sebi:WTM/GM/EFD/26/2019-20. 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.