sebi:WTM/SR/CIS/07/01/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Utkarsha and its Directors directed not to collect fresh money under existing schemes, not to launch new schemes/plans or float new companies to raise money, to submit full inventory of assets including land, not to dispose/alienate properties/assets or divert funds, and to furnish amount mobilized/refunded, commission, agents and audited accounts within 15 days; directions effective immediately until further orders.
Provisions invoked
- s. 11A
- s. 12
- s. 11
Regulations
- Reg. 3
- Reg. 14
Parties
- Utkarsha Plotters & Multi Agro Solutions India Limited
- Ms. Dipali Mithalal Gurav (DIN:03366250)
- Mr. Mitharam Chhagan Gurav (DIN:03366321)
- Mr. Pravin Chhagan Gurav (DIN:03368401)
Holding
Utkarsha Plotters & Multi Agro Solutions India Limited is prima facie carrying on a collective investment scheme under the garb of purchase/sale/development of plots of land without SEBI registration in violation of Section 12(1B) and Regulation 3, and interim preventive directions were issued against it and its Directors.
Full text
Page 2 of 15 g. Details of the scheme wise / year wise amount mobilized, along with the number of investors under the schemes of Utkarsha. h. Details of the scheme wise / year wise amount paid / redeemed, along with the number of investors under the schemes of Utkarsha. i. List of all investors under the schemes of Utkarsha. j. Certified copies of audited financial statements of Utkarsha for the last three financial years. k. Copy of Income Tax Returns filed by Utkarsha for the last three years. l. Details of any other similar scheme (s), if any, floated by group / associates of Utkarsha.”
Page 3 of 15 g. Certified copies of audited financial statements for the financial years March 31, 2012 and March 31, 2013. h. Copy of Income Tax Returns filed by the company for the financial years March 31, 2012 and March 31, 2013. i. List of investors along with the address and their contact numbers. j. Details of regulatory approvals obtained by the company. k. Details of land owned/purchased by the company. l. Details of the various investment plans in which an investor can invest. m. Details regarding minimum and maximum amount which can be invested under the investment plans of the company. n. Details regarding minimum and maximum number of installments an investor can opt under the investment plans of the company. o. List of customers who have entered in to a registered sales deed/agreement of sale.”
Page 4 of 15 c. Utkarsha receives applications from its customers for purchase and development of land / plot (s). The business/ scheme of Utkarsha is to collect money from public to buy undeveloped plots and then convert those into non agricultural developed plots with road, electricity, water and other infrastructure amenities.
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Source: SecMarx — sebi:WTM/SR/CIS/07/01/2015. 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.