sebi:WTM/SR/CIS/40/07/2014
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Facts / Headnote
Interim directions issued restraining PCL and its directors from collecting fresh funds, launching new schemes, or disposing of assets; PCL directed to furnish information within 15 days and reply within 21 days.
Provisions invoked
- s. 11A
- s. 11
- s. 12
Regulations
- Reg. 65
- Reg. 3
Parties
- Pancard Clubs Ltd (PCL)
- Mr. Sudhir Shankar Moravekar
- Mrs. Shobha Ratnakar Barde
- Mrs. Usha Arun Tari
- Shri. Manish Kalidas Gandhi
- Shri. Chandrasen Ganpatrao Bhise
- Shri Ramachandran Ramakrishnan
Holding
PCL's Holiday Plans prima facie constitute a 'collective investment scheme' under Section 11AA of the SEBI Act, and PCL's fund mobilization without SEBI registration is in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. Interim directions were issued restraining PCL and its directors from further fund mobilization pending investigation.
Full text
Page 2 of 15 vi. Sample copies of the registration letter/ allotment letter or any other document issued to the investors who subscribe to PCL's schemes, vii. Sample copies of the agreement letter / contract required to be entered into by investor /applicant under PCL's schemes. viii. Details of the scheme wise and year wise amount mobilized by PCL till date along with the number of investors under the schemes, ix. Details of the scheme wise and year wise amount paid/redeemed by PCL till date along with the number of investors under the schemes, x. Details of scheme wise timeshare availed by the investors/ applicants. In case the investors/ applicants opted for surrender value instead of timeshare, to provide the details of surrender value redeemed, xi. Certified copy of audited financial statement for the last three financial years, xii. Copy of Income Tax Return filed by PCL for the last three financial years, xiii. List of all investors along with the address and contact numbers and their investment details with PCL, xiv. Details of the regulatory approvals obtained by PCL, if any, for provision of accidental death / disability benefits to investor, under PCL's schemes, xv. Details of any other similar scheme(s), if any, floated by group/associates of PCL, xvi. Details of regulatory approval / registration obtained by PCL from any Regulatory Authority along with copy of such certificate of registration or regulatory approval.
Page 3 of 15 b. PCL is in the business of marketing time share products- room's nights of its hotels, affiliates and other hotels outside its group to its prospective applicants at a fixed tariff during the contracted tenure of the holiday options. c. At the end of the tenure of the holiday options, the applicants have the option of surrendering their unutilized room nights entitlements and obtain estimated market value for the re-purchased room nights or provide them any products of the group or gift their entitlement to any of their friends and family members nominated by them. d. PCL's business model does not fall under the purview of collective investment scheme."
Page 4 of 15 5. Pancard Clubs-New premium Holiday for 10 years 6. Sunrise Holiday for 5 years 7. Pancard Clubs-Dezire Holiday for 37 months
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Source: SecMarx — sebi:WTM/SR/CIS/40/07/2014. 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.