sebi:WTM/SR/SEBI-SRO/CIS/159/08/2015
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Facts / Headnote
Interim prohibitory directions issued against DALIL and its directors; order also treated as show cause notice why final directions under Section 11 of the SEBI Act and Regulations 65 and 73 of the CIS Regulations should not be imposed
Provisions invoked
- s. 11A
- s. 11
- s. 11(4)
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)
- Reg. 4(2)(t)
Holding
The scheme of 'sale/purchase, development and maintenance of agricultural land' operated by DALIL is a 'collective investment scheme' under Section 11AA of the SEBI Act, and DALIL's operation of it without registration contravenes Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations, prima facie amounting to a fraudulent practice under Regulation 4(2)(t) of the PFUTP Regulations. Interim prohibitory directions were issued against DALIL and its directors pending further proceedings.
Full text
Page 2 of 24 i Total amount collected, ii Scheme wise and year wise details of total number of investors, iii Amount repaid so far, iv Audited financial statements for the last three years, v Brochures/pamphlets etc advertising its schemes and explaining its plans /schemes.
Page 3 of 24 documents/information sought by SEBI vide its earlier letter dated October 03, 2013. The company was additionally, advised to provide the following documents/information:
Page 4 of 24 ii A Certificate issued by the Chartered Accountants, certifying "DALIL is in the business of real estate that the land which is being sold is in the name of the company."
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Source: SecMarx — sebi:WTM/SR/SEBI-SRO/CIS/159/08/2015. 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.