sebi:WTM/SR/CIS/56/03/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining NML and its directors from collecting fresh funds, launching new schemes, disposing of assets, and diverting funds; order treated as show cause notice
Provisions invoked
- s. 11A
- s. 11
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Networth Marketing Limited (CIN: U519009MH2005PLC153914)
- Mr. Anis Mohamad Kazi (PAN-AONPK3801J)
- Bhaskar Bhao Vasage (PAN-AIFPV5203P)
- Mahendra Mahadeo Bhuvad (PAN-ARWPB6634J)
- Mr. Nuruddin Shaikh (PAN-AZJPS0671F)
- Mr. Bhalerao Yashwant Misal (PAN-APLPM5152R)
- Mr. Partha Ghosh (PAN-AKYPG8318D)
Holding
The schemes/plans offered by NML for mobilization of funds from the public prima facie fall within the ambit of 'collective investment scheme' as defined under Section 11AA of the SEBI Act, 1992, and NML's activities without registration contravene Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 16 vii. Details of the scheme wise amount mobilized by NML till date along with the number of investors under the schemes, viii. Certified copy of audited financial statement for the last three financial years, ix. Copy of Income Tax Return filed by NML for the last three financial years, x. List of all investors along with the address and contact numbers and their investment details with NML, xi. Details of any other similar scheme(s), if any, floated by group/associates of NML,
Page 3 of 16 therein and the submissions made by NML etc. In this context, the issue for determination is whether the mobilization of funds by NML under its schemes fall under the ambit ‘collective investment scheme’ provided in Section 11AA of the SEBI Act, 1992 (hereinafter referred to as "SEBI Act").
Page 4 of 16 vi. Platinum Plan-A (Single Payment) vii. Platinum Plan-A 21 Years (Money Back) viii. Product Booking Plan (K.V.B. 1 Year)
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Source: SecMarx — sebi:WTM/SR/CIS/56/03/2015. 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.