sebi:WTM/SM/IMD/CIS/10/2020-21
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Facts / Headnote
Violation found; Green Chip Scheme declared a CIS run without registration; wind-up and refund, escrow, publication and compliance reporting directed with securities-market restraint on noticees
Provisions invoked
- s. 11A
- s. 11
- s. 19
- s. 11(1)
- s. 12
- s. 11(2)
- s. 30
Regulations
- Reg. 74
- Reg. 65
- Reg. 3
Holding
The Green Chip Scheme of Prime Plantations, Adhunik Plantations and Twentieth Century Plantation satisfies all ingredients of Section 11AA(2) and is an unregistered collective investment scheme in violation of Section 12(1B) and Regulation 3; the companies and their present and past directors were directed to wind up the scheme, refund investors, and remain restrained from the securities market.
Full text
Order in the matter of Prime Plantations Pvt. Ltd. and others Page 1 of 27 WTM/SM/IMD/CIS/10/2020-21 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Prime Plantations Pvt. Ltd. and others Page 2 of 27 (hereinafter referred to as “PPPL”), Adhunik Plantations Private Limited (hereinafter referred to as “ACPL”) and Twentieth Century Plantation Private Limited (hereinafter referred to as “TCPL”) (hereinafter collectively referred to as "the Companies"), have collected sums of monies from the investors and have also promised specific returns on their investment made in the Companies.
Order in the matter of Prime Plantations Pvt. Ltd. and others Page 3 of 27 (Noticee no. 7) Table no. 2 Past Directors of Noticee 1, 2 and 3:
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Source: SecMarx — sebi:WTM/SM/IMD/CIS/10/2020-21. 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.