sebi:WTM/PS/75/CIS-NRO/LKO/OCT/2015
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Facts / Headnote
CIS found illegal; company and directors directed to wind up schemes and refund with returns within three months with market restraint and consequential directions
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 19
- s. 12
- s. 58A
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Raghav Capital and Infrastructure Limited
- Mr. Raj Kumar Raghav
- Ms. Nirmala Raghav
- Ms. Ritu Verma
Holding
SEBI held the Monthly, Daily and One-time plot schemes of Raghav Capital and Infrastructure Limited were unregistered Collective Investment Schemes and directed the company and its three directors to wind them up and refund money collected with returns due within three months, with restraint from securities market and other consequential directions.
Full text
Page 2 of 11 Unfair Trade Practice Relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 11 4. Before proceeding further, SEBI granted an opportunity of personal hearing to the Company and its directors on May 08, 2015. An intimation regarding the same was sent to all the noticees vide letters dated April 07, 2015. A reminder in this regard dated April 20, 2015 was also sent to the noticees. On the date fixed for the personal hearing, the noticee namely Mr. Raj Kumar Raghav appeared on his behalf as well as for other noticees also along with the two employees of the Company namely Mr. Sushil Kumar and Ms. Khushboo Agarwal and made oral
Page 4 of 11 Installment Scheme’ and ‘One Time Payment Scheme’. These schemes have been elaborately discussed in the interim order. A sample of such schemes/ plans have been brought out below: TABLE - A Monthly Installment Scheme S. No. Area of plot Booking amount Time period and installment amount Total plot amount (₹) Adjusted amount (₹) Plan number 1 50 yard 3,000 60 months = 30,000 (₹500 per month * 60 months) 33000 44,000 M50 2 100 yard 3,000 60 months = 57,000 (₹950 per month * 60 months) 60,000 80,250 M100 3 150 yard 2,900 84 months = 1,07,100 (₹1275 per month * 84 months) 1,10,000 1,60,000 M150 4 200 yard 3,100 108 months = 1,26,900 (₹1175 per month * 108 months) 1,30,000 2,10,000 M200
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Source: SecMarx — sebi:WTM/PS/75/CIS-NRO/LKO/OCT/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.