sebi:WTM/GM/EFD/65/2017-18
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Facts / Headnote
Directions issued: noticees jointly and severally directed to wind up the collective investment scheme and refund investors within three months; market access restrained; directors barred from holding directorship/KMP positions in listed companies for four years; recovery proceedings threatened for non-compliance.
Provisions invoked
- s. 11A
- s. 12
- s. 30
Regulations
- Reg. 68
- Reg. 71
- Reg. 73
- Reg. 65
- Reg. 5
- Reg. 5(1)
- Reg. 68(1)
Parties
- Sanghi Plantations Ltd.
- Siddharth Sanghi
- Amit Sanghi
- Kodhaty Chandrasekhar Rao
- Seshadri Upadhyayula
- Benda Ram Narayan
Holding
The teak plantation scheme of Sanghi Plantations Ltd. constituted a Collective Investment Scheme under Section 11AA of the SEBI Act, and the company and its directors violated Section 12(1B) of the SEBI Act and regulations 5(1), 68 and 73 of the CIS Regulations by operating it without registration. The noticees were directed to wind up the scheme and refund investors jointly and severally.
Full text
__________________________________________________________________________________________ Order in the matter of Sanghi Plantations Ltd. Page 2 of 16
__________________________________________________________________________________________ Order in the matter of Sanghi Plantations Ltd. Page 3 of 16
__________________________________________________________________________________________ Order in the matter of Sanghi Plantations Ltd. Page 4 of 16
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Source: SecMarx — sebi:WTM/GM/EFD/65/2017-18. 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.