sebi:WTM/SR/CIS/WRO-ILO/73/03/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining the company 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)
- Reg. 4(2)(t)
Holding
The scheme of sale/purchase, development and maintenance of land offered by BNP India Developers and Infrastructure Limited prima facie satisfies all four conditions specified in Section 11AA(2) of the SEBI Act and constitutes a collective investment scheme, which the company launched without obtaining certificate of registration from SEBI, contravening Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 16 • Copies of application forms that are required to be submitted by investors to participate in the schemes; • Sample copies of the registration letter and allotment letter issued to the investors who subscribed to the schemes; • Sample copies of the agreement letter/contract required to be entered into by investor under the schemes; • Details of the scheme- wise amount mobilized by the company till date along with the number of investors under the schemes; • Name and addresses of all the investors, who put in their money with the company; • Name and addresses of the agents and details of commission paid for each financial year from start till date; • Certified copy of audited financial statements for the FYs 2009-10 to 2013-14; • Detailed trial balance for 2013-14 and trial balance from April 2014 till date; • Copy of income tax return filed by BNP Developers for the FY 2012-2013; • Details of any other similar scheme(s), if any, floated by the company or its group /associates companies.
Page 3 of 16 a) MoA and AoA of the company, b) Details of present and past directors of the company, c) Brochures pertaining to schemes offered to public, d) A sample booklet containing application form and agreement, e) Copy of Member’s registration certificate and lump sum/first installment cum acceptance receipt, f) List of all branches with addresses.
Page 4 of 16 7.1 On an examination of the material available on record, it is prima facie observed that: i. BNP India Developers and Infrastructure Limited (CIN: U45200MP2009PLC022303) was incorporated on August 21, 2009. The registered office of the company is at Flat No.204, MID Point Complex, Opp:Bharat Talkies, Shirdi ki Chhawani Lashkar, Gwalior (MP) – 474 001.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SR/CIS/WRO-ILO/73/03/2015. 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.