sebi:WTM/GM/EFD/60/2017-18
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Facts / Headnote
Held schemes were unregistered CIS in violation of SEBI Act and CIS Regulations; directed joint and several winding up and refund within three months with securities-market and listed-company restraints; dropped PFUTP Regulation 4(2)(t) charge.
Provisions invoked
- s. 11A
- s. 24
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)
- Reg. 4(2)(t)
Parties
- BNP India Developers and Infrastructure Limited
- Shri Neelesh Singh Narwaria
- Shri Devendra Kumar Sahu
- Shri Som Datta
- Shri Kedar Nagar
- Shri Anil Kumar Pachhoriya
- Shri Daya Nand
- Shri Raghvendra Singh Narwaria
- Ms. Genda Bai
Holding
BNP's purchase/sale, development and maintenance of land schemes were Collective Investment Schemes operated without SEBI registration in violation of Section 12(1B) read with Section 11AA of the SEBI Act and Regulation 3 of the CIS Regulations, and BNP and its present and past directors are jointly and severally liable to wind up the schemes and refund investors within three months with attendant restraints, while the charge under Regulation 4(2)(t) of the PFUTP Regulations was dropped.
Full text
__________________________________________________________________________________ Order in the matter of BNP India Developers and Infrastructure Limited Page 2 of 8
__________________________________________________________________________________ Order in the matter of BNP India Developers and Infrastructure Limited Page 3 of 8
__________________________________________________________________________________ Order in the matter of BNP India Developers and Infrastructure Limited Page 4 of 8
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Source: SecMarx — sebi:WTM/GM/EFD/60/2017-18. 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.