sebi:WTM/SR/CIS/SRO-BLO/128/06/2015
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Facts / Headnote
Interim directions issued restraining V3 Infra and its directors from collecting fresh funds, launching new schemes, disposing of assets, and diverting funds; order treated as show cause notice; reply directed within 21 days
Provisions invoked
- s. 11A
- s. 11(4)
- s. 12
- s. 11
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- M/s V3 Infrastructure & Estates Private Ltd (CIN:U45202KA2009PTC051123)
- Mr.Virupapur Santosh Kumar (DIN:02424867)
- Mr.Virupapurram Madhusudhan (DIN: 02666865)
- Ms. Hindupuram Sireesha (DIN: 02424858)
Holding
V3 Infrastructure & Estates Private Ltd's "Own your Property" scheme prima facie satisfies all four conditions of Section 11AA(2) of the SEBI Act and constitutes a collective investment scheme, and V3 Infra and its directors contravened Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations by operating it without registration. Interim directions were issued restraining further fund mobilization and asset disposal pending investigation.
Full text
Page 2 of 12 a. Brochures, pamphlets, pertaining to schemes, b. Sample copies of the agreement letter / contract required to be entered into by investor /applicant under the scheme(s). c. Copies of sale deed entered with a buyer, d. Main terms and conditions of the plan / scheme(s). e. Details of the scheme wise amount mobilized, along with the number of investors under the scheme(s). f. Details of the scheme wise amount mobilized, g. Total number of investors who had deposited money in such schemes, h. Total amount mobilized by the company, i. Copies of annual reports/financial statements for the last three years.
Page 3 of 12 ii. The Directors are Mr.Virupapur Santosh Kumar, Mr.Virupapuram Madhusudhan and Ms Hindupuram Sireesha. iii. From the copy of the “Agreement Deed” in respect of the scheme "Own your Property" (between V3 Infra and investors), forwarded by the complainant, it is observed that V3 Infra invites funds from the public for the scheme known as “own your property”, upon filing of application forms by the investors who are interested in the scheme offered by V3 Infra. Following Clauses are noted from the sample copy of “Agreement Deed” entered into by V3 Infra with one of the „subscribers‟/investors:
Page 4 of 12 Name and address of the subscriber/investor, Application number, Total amount payable to the company and mode of payment, Value of the property offered by the company, Description of the property.
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Source: SecMarx — sebi:WTM/SR/CIS/SRO-BLO/128/06/2015. 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.