sebi:WTM/SR/CIS/NRO/18/02/2015
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Facts / Headnote
Interim directions issued restraining GHFL and its Directors from collecting further funds, launching new schemes, disposing of assets, and diverting funds; order to remain in force until further orders
Provisions invoked
- s. 11A
- s. 12
- s. 121B
Regulations
- Reg. 3
- Reg. 4(2)(t)
Parties
- Garima Homes and Farm Houses Limited
- Mr. Shivram Kushwah (DIN: 02338542)
- Mr. Banabarilal Lodhi (DIN: 01759136)
- Mr. Balkishan Kushwah (02338533)
- Mr. Banwarilal Kushwah (DIN: 01829943)
- Mr. Bijendra Pal Singh (DIN: 01781312)
- Mr. Jitendra Kumar (DIN: 06719377)
Holding
GHFL's schemes for allotment, development and maintenance of land with promise of return at end of term prima facie satisfy all four conditions of a 'collective investment scheme' under Section 11AA(2) of the SEBI Act, and GHFL is running such schemes without registration in violation of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 11 vii. Copies of Annual Returns, audited Balance Sheet and Profit & Loss Accounts of GHFL since incorporation as filed with RoC, viii. Copies of audited financial statements and Income Tax Returns filed by GHFL for the last three financial years.
Page 3 of 11 develop and deal with property of all kinds including land and building in India and abroad.” c) As per the brochures, schemes offered by GHFL were lump sum payment scheme viz., "Ek Musht Yojana (CDPP), Scheme No. G-2" and instalment payment scheme viz., "Kisht Bhugtan Yojna (RIPP), Scheme No. A-1 for 5 years". As per these schemes, GHFL offered investment in plot of land of sizes from 800 sq. ft. onwards. GHFL offers an exit option to the applicants after the expiry of terms of the respective plans with a refund of 'estimated realizable value' as per the opted plans. If the applicant/investor opts to continue with the plan at the end of 15 years (term) he/she needs to make payment of specified amount for effecting registration of plot. The details in respect of Scheme G-2 and Scheme A-1 are illustrated as under:- Scheme G-2
Page 4 of 11 Scheme No. A-1 Installment Payment scheme (RIPP) Time limit 5 years Plot Unit No Area in sq. ft Total Deposit Amount Mtly Qtly Half Yrly Yrly Payment on Maturity After 5 yrs Accidental Compensatio n 1 800 6600 120 345 680 1320 9500 9900 2 1200 13200 240 690 1360 2640 19000 19800 3 1600 19800 360 1035 2040 3960 28500 29700 4 2000 26400 480 1380 2720 5280 38000 39600 5 2400 33000 600 1725 3400 6600 47500 49500 6 2800 39600 720 2070 4080 7920 57000 59400 7 3200 46200 840 2415 4760 9240 66500 69300 8 3600 52800 960 2760 5440 10560 76000 79200 9 4000 59400 1080 3105 6120 11880 85500 89100 10 4400 66000 1200 3450 6800 13200 95000 99000 11 4800 72600 1320 3795 7480 14520 104500 108900 12 5200 79200 1440 4140 8160 15840 114000 118800 13 5600 85800 1560 4485 8840 17160 123500 120000 14 6000 92400 1680 4830 9520 18480 133000 120000 15 6400 99000 1800 5175 10200 19800 142500 120000 16 6800 105600 1920 5520 10880 21120 152000 120000 17 7200 112200 2040 5865 11560 22440 161500 120000 18 7600 118800 2160 6210 12240 23760 171000 120000 19 8000 125400 2280 6555 12920 25080 180500 120000 20 8400 132000 2400 6900 13600 26400 190000 120000
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Source: SecMarx — sebi:WTM/SR/CIS/NRO/18/02/2015. 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.