sebi:WTM/PS/10/CIS-ERO/MAY/2011
Facts / Headnote
Ex-parte interim Order dated October 21, 2010 confirmed; company directed to wind up its existing collective scheme(s) and refund money collected with returns due as per terms of offer in manner specified in Regulation 73 within three months, failing which prosecution, debarment and references to state government/police and MCA to follow
Provisions invoked
- s. 11B
- s. 11A
- s. 24
Regulations relied on
- SEBI (CIS) Regulations, 1999 — 3
- SEBI (CIS) Regulations, 1999 — 65
- SEBI (CIS) Regulations, 1999 — 73
Parties
- Sun Plant Agro Finance Ltd. / Sun Plant
Holding
The company's sale of plants/trees with maintenance and promised return is a collective investment scheme under Section 11AA of the SEBI Act read with Regulation 3 of the CIS Regulations, operated without SEBI registration. The interim order dated October 21, 2010 is confirmed and the company must wind up its scheme(s) and refund investors with returns within three months.
Full text
Page 2 of 9 registration from SEBI in violation of Regulation 3 of the CIS Regulations read with Section 11AA of the SEBI Act, 1992.
Page 3 of 9 5. The company had received the following amount against the cost of trees since 2003-04. Year No of Customers Amount Received Against
Page 4 of 9 b. the contributions or payments are made to such scheme or arrangement by the investors with a view to receive profits, income, produce or property, whether movable or immovable from such scheme or arrangement; c. the property, contribution or investment forming part of the scheme or arrangement, whether identifiable or not, is managed on behalf of the investors; d. the investors do not have day-to-day control over the management and operation of the scheme or arrangement.
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Source: SecMarx — sebi:WTM/PS/10/CIS-ERO/MAY/2011. 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.