sebi:WTM/PS/42/IMD/CIS/AUG/2015
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Facts / Headnote
Held Royal Twinkle Star Club Limited operated unregistered Collective Investment Schemes in the garb of time-share holiday plans; directed company and directors to abstain from collecting money or launching/carrying out CIS and restrained them from accessing/dealing in securities market for 4 years.
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 19
- s. 12
- s. 11(2)
- s. 58A
- s. 301
Regulations
- Reg. 73
- Reg. 65
- Reg. 3
- Reg. 5
- Reg. 4(2)(t)
- Reg. 74A
Parties
- Royal Twinkle Star Club Limited
- Mr. Omprakash Basantlal Goenka
- Mr. Prakash Ganpat Utekar
- Mr. Venkatraman Natrajan
- Mr. Narayan Shivram Kotnis
Holding
Royal Twinkle Star Club Limited's Comfort, Economic, Luxury and other holiday plans satisfy Section 11AA and constitute Collective Investment Schemes operated without registration in violation of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 37 the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘the SEBI Act’), without obtaining a certificate of registration from SEBI as required under Section 12(1B) of the SEBI Act and Regulation 3 of the SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as ‘the CIS Regulations’).
Page 3 of 37 Gauhati High Court during the course of personal hearing, however, they have not received the copy of it and the counsel engaged has expressed his difficulty for the date assigned. The request of the noticees was again acceded to and the matter was adjourned to November 18, 2014. Again, the noticee namely Mr. Omprakash Goenka vide his letter dated November 07, 2014, requested for an adjournment as he had to travel out of station. As reasonable opportunities of personal hearing were already granted to the noticees, the request of adjournment was rejected. The noticees vide email dated November 18, 2014, submitted the 'gist of contentions' and again requested for an opportunity of personal hearing. Considering the request, the noticees were granted one last and final opportunity of personal hearing on December 10, 2014, in the interests of justice.
Page 4 of 37 customers is ₹ 2656,01,17,417 out of it the services utilised/ redeemed are worth ₹ 1787,42,09,012 and amount not yet availed is 868,59,08,405. The number of members has been shown as 2,66,102.
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Source: SecMarx — sebi:WTM/PS/42/IMD/CIS/AUG/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.