sebi:WTM/RKA/CIS/WRO/22/2012
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Facts / Headnote
Ad-interim ex-parte directions issued restraining NGHI and its promoters/directors from mobilising funds, disposing of assets, dealing in securities, and requiring deposit of collected money in a separate bank account; order treated as show cause notice.
Provisions invoked
- s. 11A
- s. 19
- s. 11(1)
- s. 12
- s. 11(2)
- s. 30
- s. 2(1)
Regulations
- Reg. 73
- Reg. 65
- Reg. 3
Parties
- NGHI Developers India Limited
- Mr. Pipal Singh
- Mr. Bakshish Singh
- Mr. Avtar Singh
Holding
SEBI prima facie held that NGHI Developers India Limited's plans/schemes for sale and development of agricultural land plots satisfy all ingredients of a 'collective investment scheme' under section 11AA(2) of the SEBI Act, and that NGHI and its promoters/directors are persons associated with the securities market amenable to SEBI's jurisdiction. Ad-interim ex-parte directions were issued restraining further fund mobilisation and disposal of assets.
Full text
Page 2 of 12 4. While the preliminary inquiry was in progress, SEBI received a complaint on June 20, 2011, enclosing therewith copies of the receipt issued by Nicer and NGHI and mentioning inter alia that:
Page 3 of 12 to customers under the acknowledged payment modes. Alongwith this letter NGHI submitted certain details of lands sold/allotted to its various customers and furnished copies of sale deeds with respect to certain properties claiming to be owned by it.
Page 4 of 12 Nicer and NGHI are attempting to subvert the directions issued against Nicer vide Order dated November 9, 2010 by substituting the certificates issued by Nicer with the Bonds of NGHI. Since NGHI is also mobilising funds under its plans/ schemes that could be 'collective investment scheme', it becomes incumbent upon SEBI to intervene urgently in the matter . Therefore, in the
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Source: SecMarx — sebi:WTM/RKA/CIS/WRO/22/2012. 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.