sebi:WTM/SR/CIS-NRO/CHLO/48/03/2015
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Facts / Headnote
Interim order restraining MBLDL and its directors from collecting fresh funds, launching new schemes, or disposing of assets; treated as show cause notice why the schemes should not be held to be a collective investment scheme
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Mark Builders & Land Developers Limited (CIN: U70109PB2011PTC035700)
- Shri Gurnek Singh (DIN-05114376)
- Shri Sarabjit Singh (DIN-05114404)
- Smt. Kuljeet Kaur (DIN-05114417)
- Shri Gursharanpreet Singh (DIN-06581134)
- Shri Narinder Sharma (DIN-0640614)
Holding
MBLDL's schemes for mobilization of funds through sale/development of plots prima facie satisfy all four conditions of a 'collective investment scheme' under Section 11AA(2) of the SEBI Act, and MBLDL is carrying on such schemes without registration in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.
Full text
Page 2 of 14 (d) Annual returns for Assessment Year 2012-13, (e) Documents pertaining to plans and terms and conditions of plans which include copy of application form, general terms and conditions, agreement etc.
Page 3 of 14 (d) Copy of expression of interest for provisional booking of agricultural plot/ housing project/ commercial project, (e) Company profile and Down payment plans (f) A blank copy of acknowledgement letter
Page 4 of 14 public against plots of various sizes. The details of various schemes offered by MBLDL are illustrated as under: • Star Plan for 6 Years (Payment term -6 Years) S.N Plot Payment (in Rs.) Consideration Value (in Rs) Estimated Realizable Value (After 6 years) (in Rs.)
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Source: SecMarx — sebi:WTM/SR/CIS-NRO/CHLO/48/03/2015. 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.