sebi:WTM/SR/CIS/WRO-ILO/45/03/2015
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Facts / Headnote
Interim directions issued restraining Future Gold and its promoters/directors from collecting fresh funds, launching new schemes, disposing of assets, and diverting funds; order also treated as show cause notice as to why winding up directions under Regulations 65 and 73 of CIS Regulations should not be issued.
Provisions invoked
- s. 11A
- s. 11(4)
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)
- Reg. 4(2)(t)
Parties
- M/s Future Gold Infrabuild India Limited (PAN: AABCF3920E)
- Mr. Dhirendra Singh Kushwaha (PAN: BGGPK7521R)
- Mr. Satyendra Singh (PAN: CDDPS5928P)
- Mr Vineet Kumar Phalke (PAN: APDPP0190C)
- Mr. Afasar Khan (PAN: CLHPK5064N)
- Mr Dinesh Singh Bhadoriya (PAN: AJJPB1169R)
Holding
The fund mobilizing activity of Future Gold Infrabuild India Ltd., under the garb of a real estate business for the sale/purchase, development and maintenance of land, falls squarely within the definition of a 'collective investment scheme' under Section 11AA of the SEBI Act, and having launched such a scheme without obtaining a certificate of registration from SEBI, the company has contravened Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 16 • Memorandum and articles of Associations (MoA and AoA)of the Company as filed with the Registrar of Companies. • Details of the past and present directors of the company. Details should contain name, address, PAN and contact details (Email/fax/contact no.) of the directors. • Brochures pertaining to the company’s schemes/ offers which were made available to the public. • Copies of applications forms that are required to be submitted by investors/applicants to participate in the company’s schemes. • Sample copies of the registration letter and allotment letter issued to the investors who subscribed to the company’s schemes. • Sample copies of the agreement letter/ contract required to be entered into by investor/applicant under the company’s schemes. • Details of the scheme wise amount mobilized by the company till date along with the number of investors under the schemes. • Name & address of all the investors who put their money with the company. • List of all the branches of the company. • Certified copy of audited financial statement for the FY 2010-11, 2011-12 & 2012-
Page 3 of 16 also directors of another company viz. M/s Futureshine Corporation India Ltd. On examining the website of M/s Futureshine Corporation India Ltd. (group company of Future Gold), viz. http://futureshine.co/, the following were noticed:
Page 4 of 16 6. In the meanwhile, SEBI obtained the auditor’s report of the company for 2012-13 from the MCA website, wherein the name of Kaushal Pandey & Co., Chartered Accountants was mentioned as the auditor of the company. It was however, noticed from the downloaded financial statement that the same was neither been signed by any director nor by the auditor. Further, there was no mention of mobilization from public in the balance sheet for 2012-13.
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Source: SecMarx — sebi:WTM/SR/CIS/WRO-ILO/45/03/2015. 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.