sebi:WTM/PS/53/WRO-II/RLO/DEC/2014
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Facts / Headnote
Interim directions issued restraining the company and its promoters/directors from mobilizing funds, disposing of assets, accessing the securities market, and issuing offer documents; show cause notice issued as to why final directions including refund should not be imposed
Provisions invoked
- s. 11
- s. 19
- s. 55A
- s. 73
- s. 67(3)
- s. 117B
- s. 73(2)
- s. 465
- s. 29
- s. 24
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 33(1)
- s. 40
- s. 465(2)
- s. 73(3)
- s. 2(70)
- s. 465(1)
Regulations
- Reg. 7
- Reg. 2(1)
- Reg. 107
- Reg. 57
- Reg. 25
- Reg. 6
- Reg. 4(2)
- Reg. 4
- Reg. 36
- Reg. 46
- Reg. 63
- Reg. 47
- Reg. 5
Parties
- Yash Dream Real Estate Limited
- Mr. Amit Kumar Shrivastava
- Ms. Neeta Shrivastava
- Mr. Nitin Shrivastava
- Ms. Reebha Shrivastava
- Ms. Sindhu Singadhe
- Mr. Deepak Singare
- Ms. Pooja Tandan
Holding
SEBI found that Yash Dream Real Estate Limited's issuance of unsecured optionally fully convertible bonds (OFCBs) to 45,005 persons constituted a public issue, and that the company prima facie contravened the Companies Act, 1956, Companies Act, 2013, and ICDR Regulations. SEBI issued interim restraining directions against the company and its promoters/directors and issued a show cause notice for final directions including refund.
Full text
Page 2 of 16 ii. Details of past and present Directors of the Company along with PAN and contact details. iii. Brochures pertaining to schemes/offers which were made available to the public. iv. Copies of application forms required to be submitted by investors/applicants to participate in the scheme. v. Copies of the registration letter and allotment letter issued to the investor who subscribed to the scheme. vi. Copies of the agreement letter/ contract required to be entered into by investors/ applicant under the scheme. vii. Details of the scheme wise amount mobilized till date along with the number of investors under the scheme. viii. Certified copy of audited financial statement for last three years. ix. Copy of income tax return filed by the company for the last three years. x. Details of regulatory approvals obtained, if any, for provision of accidental death/ disability benefits to investor, under the scheme. xi. Details of any other similar scheme(s), if any, floated by the Company or its group/ associate company.
Page 3 of 16 5. From a perusal and examination of the documents as submitted by Yash and the documents annexed with the references as received, I note the following:
Page 4 of 16 6. I have perused the copy of the 'scheme chart', 'application form', 'certificate' as submitted by Yash and a brief analysis of these is being discussed below:
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Source: SecMarx — sebi:WTM/PS/53/WRO-II/RLO/DEC/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.