sebi:WTM/SR/CIS-NRO/122/12/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim order directing Karmbhoomi Real Estate Limited and its Directors not to collect fresh money, launch new schemes, dispose of assets, or divert funds, and to furnish all information sought by SEBI within 15 days.
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 3
Parties
- Karmbhoomi Real Estate Limited
- Mr. Devendra Pal Singh
- Mr. Sardar Singh
- Mr. Nirmal Kumar Singh
- Mr. Manoj Kumar Sengar
- Mr. Mahipal Singh
Holding
The schemes offered by Karmbhoomi Real Estate Limited for mobilization of funds from the public prima facie satisfy all four conditions of a 'collective investment scheme' under Section 11AA(2) of the SEBI Act, and Karmbhoomi has not obtained registration under the CIS Regulations as required by Section 12(1B). An interim order was issued restraining Karmbhoomi and its Directors from continuing fund mobilization without registration.
Full text
Page 2 of 10 3. Meanwhile, vide another letter dated January 06, 2014, SEBI sought information from the RoC, Kanpur such as address of the company, names of present and past directors, period of directorship, copies of Memorandum and Articles of Association, Annual Returns, Form no. 32, Balance Sheets, Certificate of Incorporation, etc. However, no reply has been received from RoC.
Page 3 of 10 advertisements mention that on making such investments, the investor will get free ownership of land and accident policy cover.
Page 4 of 10 (iii) It is stated in the Rule Book that generally, plot allotment letter in favour of the purchaser/investor shall be issued within 365 days in case of SIS and within 60 days of the payment of the 50% installments in case of MIS.
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-NRO/122/12/2014. 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.