sebi:WTM/PS/04/CIS-SRO/HLO/APR/2015
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Facts / Headnote
Directions issued restraining noticees from collecting money, accessing securities market for four years, winding up schemes and refunding investors, with references for prosecution and winding up proceedings.
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 19
- s. 12
- s. 58A
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Viswas Real Estates and Infrastructure India Limited
- Mr. Vaka Saradhi
- Mr. Eshararao Gundala
Holding
Viswas Real Estates and Infrastructure India Limited and its directors operated collective investment schemes without obtaining registration from SEBI, in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 14 4. Thereafter, SEBI vide an ad interim ex-parte order dated August 08, 2014 (hereinafter referred to as ‘interim order’) directed Viswas and its directors namely Mr. Vaka Saradhi and Mr. Eshararao Gundala as under:
Page 3 of 14 personal hearing. From the status of the delivery of the hearing notices for the hearing dated January 23, 2015, it is noted that the same was delivered to the Company.
Page 4 of 14 The plans/ schemes of Viswas have been elaborately discussed in the interim order. A sample of such plans has been brought out below: Table A
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Source: SecMarx — sebi:WTM/PS/04/CIS-SRO/HLO/APR/2015. 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.