sebi:WTM/SR/CIS-NRO/50/08/2014
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Facts / Headnote
Interim order directing IHI Developers and its directors to cease fund mobilization, refrain from launching new schemes, not dispose of assets, and furnish information to SEBI; prima facie finding of violation of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 3
Parties
- M/s IHI Developers India Ltd. (CIN :U70200PB2010PLC033974)
- Mr. S. Harjit Singh (DIN: 01558133)
- Mr. S. Kulbir Singh (PAN : BKHPS1704D)
- Mr. Sanjeev Kumar (DIN: 01558230)
- Mr. Ranjit Kaur ( DIN: 05316732)
Holding
SEBI prima facie found that IHI Developers' scheme of sale/purchase and development of land constitutes a 'collective investment scheme' under Section 11AA of the SEBI Act, and that IHI Developers was operating such a scheme without obtaining registration as required under Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. SEBI issued an interim order restraining IHI Developers and its directors from continuing fund mobilization and directing them to furnish information.
Full text
Page 2 of 12 e. Copies of offer documents, application forms that are required to be submitted by the investors/applicants to participate in the plans/schemes and copies of pamphlets, brochures of the schemes etc, f. Sample copies of the registration letter/allotment letter/agreements, g. Memorandum and Articles of Association (MoA and AoA) of IHI Developers, h. Annual Returns of IHI Developers since incorporation as filed with Registrar of Companies (RoC), i. Details of past and present Directors of IHI Developers.
Page 3 of 12 2.4 It is noted that IHI Developers failed to respond to any of the aforesaid letters issued by SEBI. In view of this SEBI, vide letters and reminders dated November 21, 2012 and February 06, 2013, sought comments from IHI Developers. In addition to this, IHI Developers was also asked to furnish the information/details as sought by SEBI, vide its previous letters.
Page 4 of 12 b) The Directors are Mr. S Kulbir Singh, Mr. Sanjeev Kumar, Mr. Harjit Singh and Mr. Ranjit Kaur. c) As per the Memorandum of Association of IHI Developers, one of the main objects is "to carry on the Business of Sale & Purchase of real estate and properties ……… and to purchase, sale, develop any land for basic infrastructure, commercial industrial, residential including housing complexes ….."
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Source: SecMarx — sebi:WTM/SR/CIS-NRO/50/08/2014. 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.