sebi:WTM/SR/CIS/NRO/65/03/2015
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Facts / Headnote
Interim directions issued restraining SAHIPL and its directors from collecting fresh funds, launching new schemes, disposing of assets, or diverting funds; order treated as show cause notice
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Swar Agroteak and Housing (India) Private Limited
- Mr. Rajesh Awasthi
- Mr. Pravesh Kumar Karowliya
- Mr. Raghuvir Singh
- Mr. Dharmendra Kumar Pal
- Mr. Jitendra Kumar Porwal
- Mr. Shiv Kumar
Holding
The order prima facie holds that SAHIPL's scheme of mobilizing funds for sale and development of land with a promise of estimated realizable value constitutes a collective investment scheme under Section 11AA of the SEBI Act, carried on without registration in contravention of Section 12(1B), and issues interim restraining directions against SAHIPL and its directors.
Full text
Page 2 of 13 g. Details of location of current projects and proposed to be developed under various schemes. h. Balance Sheets and Profit and Loss Accounts of the company since incorporation as filed with the concerned Registrar of Companies. i. Memorandum and Articles of Association of the Company as filed with the Registrar of Companies. j. Details of the past and present promoters, directors and key management personnel k. Annual Returns of the company since incorporation as filed with the concerned Registrar of Companies
Page 3 of 13 f. Sale deeds of the land purchased by the company g. Balance Sheet for the year 2007-08, 2008-09, 2009-10, 2010-11 and 2011-12 h. Bank Statements.
Page 4 of 13 a. Swar Agroteak and Housing (India) Private Limited (CIN: U74999UP2004PTC029042) was incorporated on September 09, 2004 as Golden Triangle Sales Private Limited and later changed its name to Swar Agroteak and Housing (India) Private Limited with effect from September 30, 2005. The registered office of the company is at Shastri Chauraha, Near Hero Honda Show Room, Etawah -206001 (UP). Mr. Rajesh Awasthi, Mr. Raghuvir Singh, Mr. Pravesh Kumar Karowliya and Mr. Shiv Kumar are the Directors of SAHIPL. Mr. Dharmendra Kumar Pal and Mr. Jitendra Kumar Porwal had resigned from the directorship of the company with effect from September 14, 2005 and November 20, 2011 respectively.
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Source: SecMarx — sebi:WTM/SR/CIS/NRO/65/03/2015. 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.