sebi:WTM/SR/CIS/NRO/71/03/2015
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Facts / Headnote
Interim directions issued restraining RIDIL 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. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- M/s. Rich Infra Developers India Limited (RIDIL)
- Mr. Harvinder Pal Singh
- Mr. Gurpreet Singh Sidhu
- Mr. Parampreet Singh Sidhu
- Mr. Baljinder Preet Singh
Holding
RIDIL's schemes (Rich Life, Rich Link, Rich Elite, Rich Smart Child, Rich MAIO) prima facie satisfy all four conditions of a 'collective investment scheme' under Section 11AA(2) of the SEBI Act, and RIDIL carried on such activity without registration in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 17 3. In response thereto, RIDIL vide letter dated August 19, 2013 submitted the documents such as Memorandum and the Articles of Association; details of the past and present directors; sample Application Form; brochures with payment plans of its projects; Certificate of Registration as Promoter from Punjab Urban Planning & Development Authority, Patiala ('PUDA"); Copy of Application for Certificate of Registration of Promoters filed with Town and Country Planning, Shimla; audited financial statements; Annual Returns and Income Tax Returns.
Page 3 of 17 farming and development of agricultural land. The Company was advised to provide the information sought within seven days of receipt of the letter. RIDIL vide letter dated May 12, 2014 sought 15 days time to submit the details sought by SEBI.
Page 4 of 17 v. Details of Plan RLS2-068/34448 (furnished by the Complainant) along with allotment letter and agreement to sell.
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Source: SecMarx — sebi:WTM/SR/CIS/NRO/71/03/2015. 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.