sebi:WTM/RKA/RLO/136/2015
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Facts / Headnote
Interim order cum show cause notice dated December 16, 2014 disposed off; Noticees jointly and severally directed to refund Rs.1,25,81,68,418 with interest and restrained from securities market.
Provisions invoked
- s. 19
- s. 73
- s. 28A
- s. 67(3)
- s. 56
- s. 2(36)
- s. 60
- s. 2(60)
- s. 42
- s. 26
- s. 40
- s. 40(3)
Regulations
- Reg. 107
- Reg. 4
- Reg. 18
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
Yash Dream Real Estate Limited's issuances of unsecured optionally fully convertible bonds to over 1,07,098 investors collecting Rs.1,25,81,68,418 during October 2008 to January 2015 were deemed public issues made without compliance with the Companies Act, DIP Guidelines and ICDR Regulations. The Noticees were jointly and severally directed to refund the entire collection with interest and were restrained from the securities market.
Full text
Order in respect of Yash Dream Real Estate Limited and Others Page 2 of 10 under its sixty eight (68) schemes. It is observed that the Board of Directors of Yash have approved the resolution to raise the funds by issuing OFCB on August 11, 2008. With this single resolution, the company has admittedly raised funds from 45,005 persons and the mobilization still continues.
Order in respect of Yash Dream Real Estate Limited and Others Page 3 of 10 Deepak Singare and Ms. Pooja Tandan shall not dispose off any of the properties or alienate the assets of the Company or dispose of any of their properties or alienate their assets. d. The Company and its promoters and directors including Mr. Amit Kumar Shrivastava, Ms. Neeta Shrivastava, Mr. Nitin Shrivastava, Ms. Reebha Shrivastava, Ms. Sindhu Singadhe, Mr. Deepak Singare and Ms. Pooja Tandan shall not divert any funds raised from public at large through the issuance of unsecured optionally fully convertible bonds, kept in its bank accounts and/ or in the custody of the company without prior permission of SEBI, until further orders. e. The Company and its promoters and directors including Mr. Amit Kumar Shrivastava, Ms. Neeta Shrivastava, Mr. Nitin Shrivastava, Ms. Reebha Shrivastava, Ms. Sindhu Singadhe, Mr. Deepak Singare and Ms. Pooja Tandan are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions. f. The Company and its promoters and directors including Mr. Amit Kumar Shrivastava, Ms. Neeta Shrivastava, Mr. Nitin Shrivastava, Ms. Reebha Shrivastava, Ms. Sindhu Singadhe, Mr. Deepak Singare and Ms. Pooja Tandan shall co-operate with SEBI and shall furnish documents, that are in their possession, which may be required by SEBI in the course of its examination. T
Order in respect of Yash Dream Real Estate Limited and Others Page 4 of 10 d. directing them and other companies in which their directors hold substantial or controlling interest, to not to access the capital market for an appropriate period.
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Source: SecMarx — sebi:WTM/RKA/RLO/136/2015. 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.