sebi:WTM/SR/CIS/41/07/2014
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Facts / Headnote
Interim directions issued restraining JSV Developer India Ltd. and its directors from collecting fresh funds, launching new schemes, disposing of assets, or diverting funds, and directing them to submit asset inventory and information; reply to be filed within 15 days.
Provisions invoked
- s. 11A
- s. 11
- s. 11(4)
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)
Parties
- JSV Developer India Ltd.
- Mrs. Vijay Laxmi Kathait
- Mr. Bhupendra Singh Kathait
- Mr. Dinesh Hemraj Tembhare
Holding
JSV Developer's 'Joint Venture Association' scheme prima facie satisfies all four conditions of a 'collective investment scheme' under Section 11AA(2) of the SEBI Act, and its mobilization of funds without registration contravenes Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. Interim directions were issued restraining the noticees from collecting further funds and disposing of assets pending final decision.
Full text
Page 2 of 15 iv. Copies of audited financial statement for years 2009-10, 2010-11 and 2011-12, v. Details of the past and present directors, vi. Details of scheme-wise amount mobilized under various schemes till date, vii. Details of regulatory approvals, if any.
Page 3 of 15 ii. Copies of income tax returns filed by JSV Developer from the corresponding financial year till date 2.4 JSV Developer, vide letter dated January 21, 2014, furnished the following details/information,
Page 4 of 15 Singh and Anr. Vs. Union of India & Ors. [Writ petition No. 3332 of 2010 (PIL)] and the observations made therein. The issue for determination in the instant matter is whether the mobilization of funds by JSV Developer is a ‘collective investment scheme’ in accordance with Section 11AA of the SEBI Act, 1992 (hereinafter referred to as "SEBI Act").
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Source: SecMarx — sebi:WTM/SR/CIS/41/07/2014. 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.