sebi:WTM/GM/EFD/ERO/72/2017-18
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Facts / Headnote
Held RVHEL and directors Gautam Kundu, Ashok Kumar Saha, Shibamoy Dutta, Abir Kundu, Ram Lal Goswami and Abhijit Dutta contravened Section 12(1B) read with Section 11AA and Regulation 3 by floating unregistered CIS; directed joint and several winding-up and refund with returns within three months with WRR, asset-disposal restraint and securities-market restraint, and dropped directions against Lakshmi Narayanan.
Provisions invoked
- s. 11A
- s. 19
- s. 12
- s. 11(2)
- s. 11
- s. 45
- s. 58A
- s. 620A
Regulations
- Reg. 65
- Reg. 3
Parties
- Rose Valley Hotels and Entertainment Limited
- Gautam Kundu
- Ashok Kumar Saha
- Shibamoy Dutta
- Abir Kundu
- Ram Lal Goswami
- Abhijit Dutta
- Lakshmi Narayanan
Holding
RVHEL's Holiday Membership Plans are a Collective Investment Scheme under Section 11AA operated without SEBI registration in violation of Section 12(1B) and Regulation 3, and RVHEL with six directors are jointly and severally liable to wind up the schemes and refund investors, while no directions are continued against Lakshmi Narayanan.
Full text
__________________________________________________________________________________ Order in the matter of RVHEL page 2 of 16
__________________________________________________________________________________ Order in the matter of RVHEL page 3 of 16
__________________________________________________________________________________ Order in the matter of RVHEL page 4 of 16
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Source: SecMarx — sebi:WTM/GM/EFD/ERO/72/2017-18. 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.