sebi:WTM/PS/37/IMD/CIS/SEPT/2014
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Facts / Headnote
Confirmed interim order dated August 30, 2013; directions against Company and its directors to continue till further orders
Provisions invoked
- s. 11B
- s. 12
- s. 209
- s. 209A
Regulations
- Reg. 65
- Reg. 3
Parties
- Maitreya Plotters and Structures Private Limited
- Ms. Varsha Madhusudan Satpalkar
- Mr. Janardan Arvind Parulekar
Holding
The Whole Time Member confirmed the interim directions dated August 30, 2013 against Maitreya Plotters and Structures Private Limited and its directors Ms. Varsha Madhusudan Satpalkar and Mr. Janardan Arvind Parulekar, directing that the restraints continue till further orders.
Full text
Page 2 of 15 3. The interim order also observed that the directors of the Company namely Ms. Varsha Madhusudan Satpalkar and Mr. Janardan Arvind Parulekar are also directors in one Maitreya Services Private Limited (hereinafter referred to as 'MSPL') an entity which was directed vide SEBI Order dated March 25, 2013, not to access the securities market and restrained and prohibited from buying, selling or otherwise dealing in the securities market till all its CISs were wound up and all monies mobilized through them are refunded to the investors. The aforesaid SEBI Order had also been upheld by the Hon'ble Securities Appellate Tribunal (hereinafter referred to as 'SAT'). It appeared to SEBI that the aforesaid directors are still in the business of mobilizing money from the public through CIS carried on by various other companies under the same management. In view of the same, it also became necessary to ensure that such individuals did not carry on further with their alleged illegal fund mobilization activities.
Page 3 of 15 (c) Complaint dated May 14, 2013; (d) Inspection Report forwarded by the Ministry of Corporate Affairs vide letter dated August 02, 2013.
Page 4 of 15 (a) The Company is engaged in the business of real estate development and the sale/ purchase of the land. The Company has entered into agreements to sell/ allot plots of land to several persons on payment of advances. It does not deal with the units as defined under Section 2(z)(dd) of the CIS Regulations. Since incorporation, the Company has purchased several parcels of land in its own name for fulfillment of its objects as described in Memorandum of Association. The Company has undertaken the development activities like forming layouts, construction of internal roads, street lighting, fencing, water facility, drainage system on some of the parcels of land. Further, such activities will be carried on in other plots shortly, as and when funds are available. It acquires the consolidated plots from the real estate brokers. (b) The promoters of the Company are Ms. Varsha Madhusudan Satpalkar and Ms. Janardan Arvind Parulekar and they have invested a sum of 50,50,000 towards the paid up capital of the Company. Except its shareholders, the Company, has no 'investor' per se and does not engage in any activity which violates either the provisions of the SEBI Act or the CIS Regulations. (c) The Company was in the process of submitting the remaining details as sought by SEBI before which the interim order was passed. Further, SEBI has not provided it with the copies of the complaint or proforma attached to the same or the extract of the Inspection Report or letter from M
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Source: SecMarx — sebi:WTM/PS/37/IMD/CIS/SEPT/2014. 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.