sebi:WTM/SKM/EFD1-DRA-III/25/2019-20
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued: wind up CIS, refund at least Rs. 26,38,66,300 with returns within 3 months, restrain from securities market for 4 years from refund, restrain directors from holding directorship/KMP positions in listed companies for 4 years, submit winding up and repayment report and asset inventory.
Provisions invoked
- s. 11A
- s. 11
- s. 19
- s. 12
Regulations
- Reg. 73
- Reg. 65
- Reg. 11
- Reg. 3
- Reg. 4(2)
Parties
- G-Life India Developers and Colonizers Limited
- Giriraj Pandey
- Deepak Sharma
- Siraj Ali
- Manoj Kumar Pandey
- Pramod Kumar Pandey
- Sunil Kumar Sharma
- Pappu Pawar
Holding
The business activities of G-Life India Developers and Colonizers Limited carried out under the garb of real estate business constituted an unregistered Collective Investment Scheme in violation of Section 12(1B) of the SEBI Act read with Regulation 3 of the CIS Regulations, and the Company along with its Directors are directed to wind up the CIS, refund at least Rs. 26,38,66,300 to investors, and are restrained from accessing the securities market for four years from completion of refund.
Full text
Order in the matter of G–Life India Developers and Colonizers Limited Page 2 of 11 the garb of a real estate business activities, coupled with filing of a charge sheet by the District Administration of Indore after having received complaints against the fund mobilising activities of the Company, Securities and Exchange Board of India (hereinafter referred to as “SEBI”) indulged in exchanging communications with the Company asking it to provide necessary documents so as to enable SEBI to examine and analyse as to whether or not the business activities of G-Life India fall within the ambit of ‘Collective Investment Schemes’ as defined in terms of Section 11AA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with rules and regulations framed thereunder.
Order in the matter of G–Life India Developers and Colonizers Limited Page 3 of 11 Life India satisfied all the four conditions enumerated under Section 11AA of SEBI Act and the activities of the Company was prima facie found to be covered under Regulation 3 of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as “ CIS Regulations”) and also not found to be falling in any of the categories mentioned under the proviso to the Section 11AA of SEBI Act. Therefore, vide Interim Order Cum Show Cause Notice dated May 30, 2018 ( hereinafter referred to as “Interim
Order in the matter of G–Life India Developers and Colonizers Limited Page 4 of 11 c. Details of amount mobilized and refunded till date; d. Details of amount refunded till date along with the details of mode of payment, duly certified by a Chartered Accountant;
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SKM/EFD1-DRA-III/25/2019-20. 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.