sebi:WTM/SR/CIS-ERO/29/07/2014
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Facts / Headnote
Directions restraining Remac Realty and its directors from collecting money, launching new schemes, disposing of assets, or diverting funds; requiring inventory, information, and a reply within 15 days
Provisions invoked
- s. 11A
- s. 11(4)
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)
Parties
- Remac Realty India Ltd.
- Mr. Partha Pratim Tewari
- Mr. Arnab Roy
- Mr. Ganesh Kumar Bagaria
- Ms. Leena Tewari
- Ms. Reena Vijay
- Mr. Sandip Chattopadhyay
- Mr. Debapratim Mazumder
Holding
Remac Realty's fund mobilization activities through its various schemes constitute a 'collective investment scheme' as defined in Section 11AA of the SEBI Act, carried on without the requisite registration, and Remac Realty and its directors are directed to cease such activities pending further proceedings.
Full text
Page 2 of 16 2.1 After protracted correspondence and reminders, Remac Realty vide letter dated October 3, 2013, while stating inter alia that ".. we have started delivering the solar products against advances received from Mar'12 and are also in the process of allotting real estate land parcels from Mar'14 onwards……… products floated by us do not fall under the SEBI (Collective Investment Schemes) Regulations, 1999", submitted the following documents,
Page 3 of 16 (CIN:U70102WB2009PLC132005). It has its registered office at 41A, S. P. Mukherjee Road, Kolkata, West Bengal.
Page 4 of 16 • Scheme for booking of solar products The preferred option of service/property available under this plan/scheme is "Solar Panels/Products".
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Source: SecMarx — sebi:WTM/SR/CIS-ERO/29/07/2014. 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.