sebi:WTM/GM/EFD/58/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Held to have operated unregistered Collective Investment Schemes; directed jointly and severally to wind up schemes and refund money with returns within nine months, submit winding up and repayment report, restrained from securities market and asset alienation, directors restrained from listed company posts for 4 years.
Provisions invoked
- s. 11A
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Rich Infra Developers India Limited
- Harvinder Pal Singh
- Gurpreet Singh Sidhu
- Parampreet Singh Sidhu
- Baljinder Preet Singh
Holding
RIDIL's schemes viz. Rich Life, Rich Link, Rich Elite, Rich Smart Child, Rich MAIO are Collective Investment Schemes under section 11AA of the SEBI Act operated without registration in violation of section 12(1B) read with regulation 3 of the CIS Regulations and regulation 4(2)(t) of the PFUTP Regulations, and RIDIL and its four named directors are jointly and severally directed to wind up the schemes and refund with returns within nine months.
Full text
________________________________________________________________________________ Order in the matter of Rich Infra Developers India Limited. Page 2 of 18
________________________________________________________________________________ Order in the matter of Rich Infra Developers India Limited. Page 3 of 18
________________________________________________________________________________ Order in the matter of Rich Infra Developers India Limited. Page 4 of 18
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/GM/EFD/58/2018-19. 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.