sebi:WTM/SR/CIS/WRO-ILO/95/05/2015
Facts / Headnote
Interim directions restraining fresh collection, new schemes, disposal/diversion of assets, directing inventory and information filing, in force until further orders, treated as show-cause why winding-up and other directions under SEBI Act and CIS Regulations should not follow
Provisions invoked
- s. 11A
- s. 11(4)
- s. 12
- s. 11(2)
- s. 11
Regulations relied on
- SEBI (CIS) Regulations, 1999 — 3
- SEBI (CIS) Regulations, 1999 — 65
- SEBI (PFUTP) Regulations, 2003 — 4(2)(t)
Parties
- M/s USK India Limited (CIN: U70101MP2009PLC022207)
- Mr. Sanjay Verma (DIN-02497975)
- Mr. Shiv Ram Singh Tomar (DIN-02396212)
- Mr. Umesh Narwariya (DIN-02423080)
Holding
SEBI prima facie held USK India's scheme for purchase, development and maintenance of land is a collective investment scheme under Section 11AA launched without registration in violation of Section 12(1B) and Regulation 3 of CIS Regulations, and issued interim restraints and information directions while calling on noticees to show cause against winding-up.
Full text
Page 2 of 16 d. Copies of applications forms that are required to be submitted by investors to participate in the schemes, e. Sample copies of the registration letter and allotment letter issued to the investors who subscribed to the schemes, f. Sample copies of the agreement letter/contract required to be entered into by investor under the schemes, g. Details of the scheme wise amount mobilized by the company till date along with the number of investors under the schemes, h. Name and address of all investors who put in their money with the company, i. List of all branches with their address, j. The details were sought about the commission structure for the agents, k. It was also sought to know whether agents are paid directly by the company or they deduct their commission from money mobilized and deposit net amount to the company on behalf of investors, l. List of all the properties acquired by the company from the money of investors held in the name of the company or in name of any other person, m. Certified copies of audited financial statement for the FY 2009-10, 2010-11, 2011-12, 2012-13 and 2013-14. Copy of detailed trial balance from April 2014 till date, n. Copy of Income Tax Return filed by the company for financial year 2009-10 till date.
Page 3 of 16 also forwarded to the company and its Directors. In response, SEBI received a letter dated July 25, 2014 from the company wherein it denied all the allegations. However, it sought additional time to furnish the desired information.
Page 4 of 16 (b) Copies of filings made with RoC, (c) List of customers upto March 31, 2014, (d) List of properties purchased by the company along with sales deeds, (e) List of sales deeds executed in favour of 13 customers, (f) Valuation report of properties of the company, (g) Sample copy of "Agreement for Sale", (h) Sample copies of "Application Form for Provisional Allotment of a Plot", "Allotment Letter" and "Possession Letter".
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