sebi:WTM/SR/SEBI-NRO:CHLO/IMD/135/06/2015
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 EIIL and its directors from mobilising further funds, launching new schemes, or disposing of assets; order treated as show cause notice requiring reply within 21 days
Provisions invoked
- s. 11A
- s. 12
Regulations
- Reg. 65
- Reg. 11
- Reg. 3
- Reg. 4(2)(t)
Parties
- Emerging India Infra Limited (CIN: U45209CH2009PLC031826)
- Shri Gurpreet Singh Sidhu (DIN-02783457)
- Shri Gurlal Singh (DIN-02992706)
- Shri Harminder Singh (DIN-02992650)
- Shri Ashok Kumar (DIN-02525771)
- Shri Sunil Singh (DIN-02787520)
- Shri Prashant Sharma (DIN-02992706)
Holding
The schemes offered by Emerging India Infra Limited prima facie satisfy all four conditions of a 'collective investment scheme' under Section 11AA(2) of the SEBI Act, and EIIL's fund mobilisation without CIS registration is prima facie in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. Interim directions were issued restraining EIIL and its directors from further fund mobilisation pending investigation.
Full text
Page 2 of 11 over to SEBI's Northern Regional Office at New Delhi on July 17, 2014. One of the Directors of the company viz., Shri Harminder Singh attended the meeting. Shri Harminder Singh was advised to submit details about money mobilised by EIIL. Thereafter, EIIL vide letter dated July 22, 2014 submitted certain details of nature of its business. However, EIIL has till date failed to submit the complete information sought by SEBI.
Page 3 of 11 (e) The various schemes/plans mentioned in the brochure of EIIL are Regular Payment Plans for 36 months (3 years); 72 months (6 years); 120 months(10 years) and Single Payment Plan for 3 to 10 years and Children Plan for 18 years. The details of Regular Payment Plan and Single payment plan are illustrated as under:
Page 4 of 11 Yield 1 year 2years 9years 10years Plot Sq Ft Help in case of accidental death Amount 10% 11% 12.50% 13% In Rs. 5,000 5500 6161 14433 16973 100 5000 10,000 11000 12321 28865 33946 200 10000 20,000 22000 24642 57730 67891 400 20000 50,000 55000 61605 144325 169728 1000 50000 100,000 110000 123210 288651 339457 2000 100000 2,50,000 275000 308025 721627 848642 5000 200000 5,00,000 550000 616050 1443254 1697284 10000 200000 1000000 1100000 1232100 2886508 3394567 20000 200000
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/SEBI-NRO:CHLO/IMD/135/06/2015. 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.