sebi:WTM/PS/108/CIS-NRO/DEC/2015
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Facts / Headnote
Directions issued against Zeestar Limouzines Limited for operating unregistered Collective Investment Schemes, including winding up, refund of investor monies, market access ban for four years, and referral for prosecution.
Provisions invoked
- s. 11A
- s. 24
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
- Reg. 65(e)
Parties
- Zeestar Limouzines Limited
Holding
Zeestar Limouzines Limited's schemes were held to be Collective Investment Schemes under Section 11AA(1) of the SEBI Act, and the company was found to have contravened Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations by launching such schemes without registration.
Full text
Page 2 of 11 February 05, 2015, was issued to Zeestar advising it to show cause as to why appropriate directions under Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) should not be issued against it for the alleged violations of Star Auto Cabs, a unit of Zeestar. The SCN indicated that the Company may send its reply within 21 days from the receipt of the SCN failing which it shall be presumed that the Company does not have any explanation to offer and that the proceedings will be concluded ex parte on the basis of the material available on record.
Page 3 of 11 Fiesta/ Logan 1,75,990 9,360 48 months 4,49,280 30,000 4,79,280 Winger 1,97,990 10,200 48 months 4,89,600 36,000 5,25,600 Maruti SX4 2,19,990 12,200 48 months 5,85,600 37,000 6,22,600 Tavera 2,74,990 15,300 48 months 7,34,400 45,000 7,79,400 Innova 3,29,990 18,600 48 months 8,92,800 52,000 9,44,800 Hercules crane 5,49,990 21,001 48 months 10,08,048 62,000 10,70,048 Tata 4018 (Cargo Vessel) 7,69,990 28,701 48 months 13,77,648 72,000 14,49,648 JCB 9,89,990 36,901 48 months 17,71,248 82,000 18,53,248 Tata 1618 (LPK Dumper) 12,09,990 45,101 48 months 21,64,848 92,000 22,56,848 Note:
Page 4 of 11 1. PERIOD OF CONTRACT … MONTHS, commencing from … and the contract shall not be terminated before the end of the above period except as provided herein by mutual consent by either side giving three months notice by paying the termination charges. Note: Bank Guarantee term will not be terminated till six months from the time of issue at any cost or under any circumstances. Balance Agreement can be terminated at charges as applicable. However no termination or cancellation of the whole contract can be done later than three months from the date of agreement thereafter the agreement shall remain firm and the same cannot be cancelled by the LESSOR under any circumstances.
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Source: SecMarx — sebi:WTM/PS/108/CIS-NRO/DEC/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.