sebi:WTM/RKA/CIS/07/2013
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Facts / Headnote
Directions issued: MSPL directed to wind up its collective investment schemes and refund monies with returns within three months; failure would trigger prosecution under section 24, adjudication under Chapter VI, references to State Government/local police for fraud/cheating/criminal breach of trust, and reference to Ministry of Corporate Affairs for winding up; noticees restrained from accessing the capital market until schemes are wound up and monies refunded.
Provisions invoked
- s. 11B
- s. 11A
- s. 11
- s. 24
- s. 11(1)
- s. 12
- s. 11(2)
- s. 30
Regulations
- Reg. 65
- Reg. 3
Parties
- Maitreya Services Pvt. Ltd.
- Mrs. Varsha Madhusudan Satpalkar
- Mr. Janardan Arvind Parulekar
Holding
The schemes/plans of Maitreya Services Pvt. Ltd. satisfy all four conditions of section 11AA of the SEBI Act and are therefore 'collective investment schemes', and MSPL carried them on without registration in contravention of section 12(1B) of the SEBI Act and regulation 3 of the CIS Regulations.
Full text
Page 2 of 18 3. In order to understand the nature of activities of MSPL and to examine whether they would fall within the ambit of the SEBI (Collective Investment Scheme) Regulations, 1999 (‘CIS Regulations’), SEBI made inquiries and sought certain documents from MSPL with respect to its various schemes, details of funds mobilized from investors under the said schemes, the year-wise funds collected from the investors, the manner in which the funds were getting utilized, etc. SEBI vide numerous letters, particularly those dated October 13, 2010, November 18, 2010, December 01, 2010, January 03, 2011, January 11, 2011, May 19, 2011 and 09 June 2011 advised MSPL to submit certain documents. MSPL submitted certain information vide letters dated December 02, 2010, December 20, 2010, May 30, 2011 and 30 June 2011. The information so received included:
Page 3 of 18 from whom money was received customers () customers to whom money was to be paid be paid by the respective year end () Principal Benefit paid to whom money was yet to be paid respective year end to be paid ()
Page 4 of 18 # Refund is due to customers on completion of booking amount and contingent to their not exercising option of allotment of land/ plot, after a specified period. Due date for refund varies from customer to customer as per their start date. Benefit amount is based on their date of investments and this amount is paid as compensation for land appreciation during the interim period. $ Cumulative as on 31st March of each year.
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Source: SecMarx — sebi:WTM/RKA/CIS/07/2013. 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.