sebi:WTM/SR/CIS-RLO/96/12/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining VRIL and its directors from collecting further funds, launching new schemes, disposing of assets, or diverting funds pending investigation.
Provisions invoked
- s. 11A
- s. 11(1)
- s. 12
- s. 11
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)
Parties
- Vee Realties India Limited
- Mr.Panchulal Pandhare Motiram
- Ms. Rekha Neware
- Mr.Nilesh Keshorav Gajbhiye
- Mr.Buddhadas Premdas Ramteke
- Mr.Bhikam Chand Sahu
- Mr. Ganeshram Verma
- Mr.Ramesh Kumar Sahu
- Mr.Panna Lal Sahu
- Mr.Kamlesh Verma
- Smt.Gayatri Verma
- Mr.Udaksh Kumar Verma
- Mr.Ved Praksh Verma
Holding
VRIL's 'Project Payment Plans' prima facie constitute a 'collective investment scheme' under Section 11AA of the SEBI Act, and VRIL's mobilization of funds without registration is in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. Interim directions are issued restraining VRIL and its directors from further fund mobilization and asset disposal pending investigation.
Full text
Page 2 of 15 f. Sample copy of agreement letter/contract required to be entered into by investors/applicants under the scheme, g. Details of scheme wise amount mobilized by VRIL till date along with the number of investors under the scheme, h. Certified copy of audited financial statements for the FY 2010-11, 2011-12 and 2012-13. i. Copy of Income Tax Returns filed by VRIL for the last three years, j. Details of any other similar scheme(s), if any, floated by VRIL or its group/associate company."
Page 3 of 15 5. Subsequently, VRIL vide letters dated May 15, 2014 and May 24, 2014 furnished the following documents: a) Details of Amounts/fund collected from Investors; b) Details of amounts refunded/(land allotted) to investors; c) List of land bank details of VRIL; d) Details of branches of VRIL including address of Branch offices; e) Cancelled cheques of the Bank Accounts of VRIL and its Directors.
Page 4 of 15 d) VRIL has offered various ‘Project Payment Plans’ (referred to as “Scheme”) for soliciting money from general public towards “Expression of Interest for Provisional Booking of Unit in Agricultural Projects/Residential Housing Projects/Commercial Projects”. The schemes offered by VRIL viz., installment plans, regular incentive plans, single payment plan, guaranteed rental plans and single payment with regular incentive plans etc. have different tenures ranging from one year to fifteen years.
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Source: SecMarx — sebi:WTM/SR/CIS-RLO/96/12/2014. 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.