sebi:WTM/GM/EFD/38/2018-19
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Facts / Headnote
Decided ex-parte; held schemes are unregistered Collective Investment Schemes and directed joint and several winding up and refund with returns within three months with market restraint and other consequential directions.
Provisions invoked
- s. 11A
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Sai Prakash Organic Food Limited
- Ranvajay Pratap Singh Baghel
- Mragendra Singh Baghel
- Dheerendra Krishan Pratap
- Pushendra Singh Baghel
- Pushpanjali Singh Baghel
- Shahendra Singh Baghel
Holding
SPOFL's organic farming schemes constitute Collective Investment Schemes under section 11AA carried on without SEBI registration in violation of section 12(1B), Regulation 3 of the CIS Regulations and Regulation 4(2)(t) of the PFUTP Regulations. SPOFL and its six named directors are jointly and severally directed to wind up the schemes and refund investors with returns within three months, with restraints on market access and asset alienation until compliance.
Full text
__________________________________________________________________________________ Order in the matter of Sai Prakash Organic Food Limited. Page 2 of 6
__________________________________________________________________________________ Order in the matter of Sai Prakash Organic Food Limited. Page 3 of 6
__________________________________________________________________________________ Order in the matter of Sai Prakash Organic Food Limited. Page 4 of 6
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Source: SecMarx — sebi:WTM/GM/EFD/38/2018-19. 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.