sebi:WTM/SR/CIS-NRO/23/06/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining Adel Landmarks Ltd. and its directors from collecting fresh funds, launching new schemes, or disposing of assets, pending investigation.
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 3
Parties
- Adel Landmarks Ltd.
- Mr. Sumit Bharana
- Mr. Arvind Kumar Birla
- Ms. Manisha Bharana
- Mr. Rakesh Kumar Gupta
Holding
Adel Landmarks Ltd.'s scheme of pre-booking and development of plots prima facie constitutes a 'collective investment scheme' under Section 11AA of the SEBI Act, and the company and its directors are restrained from mobilizing further funds without obtaining SEBI registration.
Full text
Page 2 of 11 Projects/Schemes and certificates issued to the investors who subscribe to such schemes, f) Details of location of projects, current and proposed to be developed under various scheme, Balance Sheets and Profit and Loss Accounts of ALL since incorporation as filed with the concerned Registrar of Companies (RoC), g) Memorandum and Articles of Association ("MoA" and "AoA") of the company as filed with the RoC, h) Annual Returns of ALL since incorporation as filed with RoC, i) Details of past and present Directors of ALL.
Page 3 of 11 4. As the information provided by ALL was inadequate, SEBI vide letter dated July 04, 2013 advised ALL to furnish complete information in respect of scheme of pre booking of plots, such as: a) Sample application form and filled up forms/ buyers agreement b) The details/salient features of the scheme c) Advertisement material/brochure/pamphlets of the schemes d) Whether ALL is the owner/possessor of the land which forms part of the scheme e) License from the authorities/agencies for development of plots f) Total amount mobilised and the number of investors g) Whether the scheme had any lock-in period or any buy back option is given to the buyers of the plots.
Page 4 of 11 New Delhi- 110 065. Mr.Sumit Bharana, Mr. Arvind Kumar Birla, Ms. Manisha Bharana and Rakesh Kumar Gupta are the present directors of the said company. b) As per the MoA of ALL, the main objectives are ,inter alia, to carry on the business as promoters, developers, builders, colonizers, engineers, consultants, contractors for roads, highways, multiplex, shopping mall, housing complex, colonies, building schemes, bridges, dam, canals, industrial complex or any other structural architectural and mechanical project of any kind in India and abroad. c) As stated by ALL vide its reply dated July 01, 2013, they invite applications to book plots of land for residential/commercial units under its various schemes viz., " Cosmocity at Gurgaon Sector 103" (hereinafter referred to as "Cosmocity"), " Era Green World at Sector 8, Palwal" (hereinafter referred to as " Greenworld" ) and " Redwood Residency at Sector 78, Faridabad " (hereinafter referred to as "Redwood"). Further, as per Annexure-C to the above mentioned reply ALL had collected ` 51,82,70,000/- from 432 investors for Cosmocity, `80,06,11,000/- from 571 investors for Green World, and `1,19,78,92,000/- from 618 investors for Redwood. d) Investors who were interested in the aforesaid plans are required to execute an agreement with ALL. From the copy of "Agreement" dated December 10, 2011 entered into by one of the Complainant with ALL with respect to Cosmocity, the following aspects are noted: Applications are invi
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/23/06/2014. 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.