sebi:WTM/SR/CIS-LKO/NRO/88/11/2014
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Facts / Headnote
Interim directions issued restraining RCIL and its directors from collecting fresh money, launching new schemes, disposing of properties, or diverting funds, pending investigation.
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 3
- Reg. 4(2)
Parties
- Raghav Capital & Infrastructure Limited (RCIL)
- Shri Raj Kumar Raghav
- Ms. Nirmala Raghav
- Ms. Ritu Verma
Holding
RCIL's schemes for mobilizing funds from the public through land/plot schemes prima facie constitute a 'collective investment scheme' under Section 11AA of the SEBI Act, and RCIL's operation of such schemes without registration from SEBI is in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 11 vii. Details of regulatory approvals, if any, viii. Copies of Annual Returns, audited Balance Sheet and Profit & Loss Accounts of RCIL since incorporation as filed with RoC, ix. Copies of audited financial statements and Income Tax Returns filed by RCIL for the last three financial years.
Page 3 of 11 7. On perusal of information/documents furnished by RCIL, it has been found that, RCIL failed to provide following information:
Page 4 of 11 consultants, contractor of all type of buildings and structures; to acquire, develop, buy, sell, estate, multistoried or other buildings and group housing schemes....."
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Source: SecMarx — sebi:WTM/SR/CIS-LKO/NRO/88/11/2014. 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.