sebi:WTM/PS/43/IMD-CIS/AUG/2015
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Facts / Headnote
Interim directions dated June 12, 2014 confirmed against the Company and its directors, with modification permitting execution and registration of sale deeds where customers have already made payments, while prohibiting collection/mobilization of money from investors/buyers/customers; SEBI directed to conduct an expeditious investigation.
Provisions invoked
- s. 11A
- s. 11
Regulations
- Reg. 65
Parties
- Nikhara Bharath Construction Company Limited (CIN: U70200KA2004PLC034675)
- Mr. Kodandarama Pilliah (DIN No. 00548550)
- Mrs. Bharathi Balakrishna Murthy (DIN No. 00548571)
- Mrs. Sreedevi Balakrishnamurthy (DIN No. 00548882)
Holding
The interim order restraining Nikhara Bharath Construction Company Limited and its directors from collecting money from investors under its existing 'scheme' was confirmed, subject to modification allowing execution and registration of sale deeds for customers who have already paid, and the Company was prohibited from collecting/mobilizing money from investors/buyers/customers directly or indirectly.
Full text
Page 2 of 23 b. to immediately submit the full inventory of the assets owned by Nikhara out of the amounts collected from the "customers"/investors under its existing "scheme";
Page 3 of 23 (b) The Company denied mobilizing any funds from investors, either overtly or covertly, under any scheme or scheme under the purview of section 11AA of the SEBI Act.
Page 4 of 23 Pursuant to such acquisition, applications are made to the local authorities for (i) conversion of agricultural lands into NA plots and (ii) approval of the layout plan for the residential dwelling purpose. After receipt of sanction of the layout plan and final conversion order from local authorities, the Company prepares plans for selling these plots to prospective buyers. At times, marketing and selling plans are also made in anticipation of early receipt of approvals from the authority.
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Source: SecMarx — sebi:WTM/PS/43/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.