sebi:WTM/PS/21/CIS/ERO/DEC/2012
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Facts / Headnote
MPS Greenery Developers Limited directed to wind up its collective investment schemes and refund monies to investors with returns within one month; failure to comply triggers prosecution under Section 24, market access restrictions, references to State Government/police, and reference to Ministry of Corporate Affairs for winding up.
Provisions invoked
- s. 11A
- s. 24
- s. 12
- s. 20A
- s. 15Y
- s. 188
Regulations
- Reg. 71
- Reg. 73
- Reg. 65
- Reg. 11
- Reg. 10
- Reg. 71(1)
- Reg. 40
- Reg. 70(1)
- Reg. 73(1)(c)
Parties
- MPS Greenery Developers Limited
- Mr. Pramatha Nath Manna
- Mr. Santanu Chowdhury
- Mr. Arup Kumar Roy Gupta
- Mr. Subrata Basu
- Prabir Kumar Chanda
- Mr. Madhusudhan Adhikari
- Mr. Sukumar Ghosal
Holding
MPS Greenery Developers Limited, having failed to comply with the conditions of its Provisional Registration and having raised funds without a valid certificate of registration, is directed to wind up its collective investment schemes and refund investors' monies with returns within one month. Upon failure to comply, SEBI will initiate prosecution, restrain promoters/directors from capital market access, and make references to the State Government and Ministry of Corporate Affairs.
Full text
Page 2 of 10 The interim order of September 24, 2002 stands vacated. The embargo imposed on the company by SEBI's order of September 03, 2001 will remain in force till SEBI reconsiders the matter...."
Page 3 of 10 j) ... shall maintain the books of accounts and documents as specified in Regulation 40 and such other documents as may be required by the Board under the said Regulation from time to time and shall preserve the same for the minimum period as specified in the Regulations. k) ... shall abide by the SEBI (Collective Investment Schemes) Regulations, 1999 as amended from time to time in respect of the activities carried on."
Page 4 of 10 "Manner of repayment and winding up 73. (1) An existing collective investment scheme which: (a) has failed to make an application for registration to the Board; or (b) has not been granted provisional registration by the Board; or (c) having obtained provisional registration fails to comply with the provisions of regulation 71; shall wind up the existing scheme. (2) The existing Collective Investment Scheme to be wound up under sub-regulation (1) shall send an information memorandum to the investors who have subscribed to the schemes, within two months from the date of receipt of intimation from the Board, detailing the state of affairs of the scheme, the amount repayable to each investor and the manner in which such amount is determined. (3) The information memorandum referred to in sub-regulation (2) shall be dated and signed by all the directors of the scheme. (4) The Board may specify such other disclosures to be made in the information memorandum, as it deems fit. (5) The information memorandum shall be sent to the investors within one week from the date of the information memorandum. (6) The information memorandum shall explicitly state that investors desirous of continuing with the scheme shall have to give a positive consent within one month from the date of the information memorandum to continue with the scheme. (7) The investors who give positive consent under sub-regulation (6), shall continue with the scheme at their risk and responsibility : Provided
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Source: SecMarx — sebi:WTM/PS/21/CIS/ERO/DEC/2012. 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.