sebi:WTM/SR/CIS-NRO/28/07/2014
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Facts / Headnote
Interim directions issued restraining SGAL and its directors from collecting fresh money, launching new schemes, disposing of assets, or diverting funds; show-cause with 21 days to reply
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Sunshine Global Agro Ltd.
- Mr. Lekh Narayan Chand
- Mr. Mokarram Mohammad
- Mr. Mohammad Ahteshamul Haq
- Mr. Anand Kumar Jha
- Mr. Wasim Khan
- Mr. Ashif Khan
Holding
SGAL's schemes for 'sale of Jhatropha Bush Group and sale of plant/trees' prima facie constitute a collective investment scheme under Section 11AA of the SEBI Act, and SGAL's operation of such schemes without registration violates Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. Interim directions were issued restraining SGAL and its directors from further fund mobilization pending investigation.
Full text
2 d. Number of investors and amount collected in each such plan/scheme as on January 31, 2013, e. Brochure pertaining to SGAL's schemes/ projects, f. Application forms that are required to be submitted by the investors/applicants to participate in SGAL's plans/schemes , g. Sample copies of certificates issued to the investors who subscribe to such schemes, h. Sample agreements, if any, that are required to be entered into by investors/applicants at the time of joining SGAL's Projects/Schemes, i. Details of location of projects current and proposed to be developed under various schemes, Balance Sheets and Profit and Loss Accounts of the company since incorporation as filed with the concerned Registrar of Companies ("RoC"), j. Memorandum and Articles of Association ("MoA" and "AoA") of SGAL as filed with RoC, k. Annual Returns of SGAL since incorporation as filed with RoC for the past three years, l. Details of past and present promoters/directors/Key management personnel of SGAL.
3 b) Form 20B as filed by SGAL from 2006 to 2011, c) Form 23AC as filed by SGAL from 2006 to 2011, d) Additional attachment to Form 23AC filed in the year 2011.
4 d) Application forms/ model agreements which are required to be submitted/ executed/ signed by investors / clients / applicants to participate / invest in the schemes/plans/offers/projects etc. e) Copy of Certificates issued to the investors to subscribe to such schemes, f) Copies of Agreements/contracts entered into by investors, clients/ applicants with the company at the time of joining and continuation of scheme/plants offers, g) Terms and Conditions of such plans/offer/projects/scheme, h) Copies of Annual Returns, audited financial statements, balance Sheets, Profit and loss Accounts and Income Tax Returns filed by SGAL for the last three years, i) Number of Investors and amount collected from each scheme.
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Source: SecMarx — sebi:WTM/SR/CIS-NRO/28/07/2014. 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.