sebi:WTM/PS/48/IMD-CIS/SEPT/2015
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Facts / Headnote
Directions issued: noticees restrained from collecting money or launching CIS; ordered to wind up existing CIS and refund monies with returns within three months; restrained from accessing securities market for 4 years; SEBI to refer matter to Ministry of Corporate Affairs for winding up and to initiate attachment and recovery proceedings; without prejudice to prosecution under section 24 and adjudication under Chapter VIA.
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
- Reg. 65(e)
Parties
- Samruddha Jeevan Foods India Limited (PAN-AAICS0865N)
- Mr. Mahesh Kisan Motewar (PAN-AKMPM3895K)
- Mrs. Vaishali Mahesh Motewar (PAN-ATTPM4634Q)
- Mr. Ghanshyam Jashbhai Patel (PAN-ARJPP0156A)
- Mr. Rajendra Pandurang Bhandare (DIN – 00054872)
Holding
The purchase and rearing arrangements of Samruddha Jeevan Foods India Limited with its customers constitute a Collective Investment Scheme under section 11AA of the SEBI Act, and the company's operation of such unregistered CIS contravenes section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 37 b. launching any new schemes; c. disposing of any of the properties or alienate any of the assets of the schemes; d. diverting any funds raised from public at large which are kept in bank account(s) and/or in the custody of the Company.
Page 3 of 37 d. Reply submitted by the company. 5. SEBI, vide its letter dated January 20, 2014 also provided copies of the above mentioned documents. The Company vide its letter dated January 24, 2014, requested SEBI for extension of 15 days’ time for submission of its reply to the SCN. However, as no information was received from the Company within the said period, SEBI vide letter dated February 13, 2014 advised the Company to submit its reply to the interim order cum SCN dated October 31, 2013 on or before February 21, 2014.
Page 4 of 37 9. Before proceeding further, I note that the Company has made the following submissions: a. Submissions with respect to the business activities of the Company: o The main business of the Company is buying, selling, trading, breeding and rearing live stock; i.e. goats and buffalos, and the by-products such as milk, dung etc.
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Source: SecMarx — sebi:WTM/PS/48/IMD-CIS/SEPT/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.