sebi:WTM/SR/SRO-CIS/18/05/2014
Facts / Headnote
Interim directions issued restraining GBAFL and its directors/promoters from collecting money, launching new schemes, disposing of assets, or diverting funds; directed to furnish inventory and information within 15 days.
Provisions invoked
- s. 11A
- s. 12
- s. 11
Regulations relied on
- SEBI (CIS) Regulations, 1999 — 3
- SEBI (CIS) Regulations, 1999 — 65
Parties
- Green Buds Agro Farms Ltd.
- Mr. Bettahalli Ravindranath Lakshmegowda
- Ms. Jayanthi Subbarayappa
- Ms. Aruna Prasad
Holding
GBAFL's fund mobilization activity prima facie constitutes a 'collective investment scheme' under Section 11AA of the SEBI Act, carried out without registration in violation of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations, warranting interim restraining directions.
Full text
Page 2 of 11 2.1 Pursuant to this, SEBI, vide letter dated March 10, 2014 required GBAFL to furnish the following information,
Page 3 of 11 iii. GBAFL was involved in the business of micro financing, agricultural business etc., and has 80 branches spread across Southern India in Karnataka, Tamil Nadu, Andhra Pradesh and Kerala.
Page 4 of 11 Commission Structure for Plan -3 (Daily) Rank 1st Year 2nd Year 3rd Year F.R. 12% 12% 12% F.O. 1.50% 1% F.D.O. 1.50% 1%
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Source: SecMarx — sebi:WTM/SR/SRO-CIS/18/05/2014. 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.