Pancard Clubs Limited

SAT-appeal

• SEBI alleged that Pancard Clubs carried on a collective investment scheme through its hotel and resort time/room-sharing business without obtaining the required certificate of registration.
  Appeals challenged SEBI’s ex parte interim order dated 31 July 2014; the extracted text does not contain the Tribunal’s final operative directions or disposition.
  Appeal: Appeal Nos. 254 and 255 of 2014, with Miscellaneous Applications Nos. 104 and 105 of 2014; reserved on 4 September 2014. Decision dated 17 September 2014; disposition is not included in the extracted text.
• Alleged carrying on of time/room-sharing holiday schemes as unregistered Collective Investment Scheme without SEBI certificate.
  Impugned interim: not to collect fresh money from prospective customers · Impugned interim: not to launch new schemes or float new company
  Appeal: Appeal Nos. 254 and 255 of 2014 with Misc. Applications 104-105 of 2014 against ex-parte interim order dated 31 July 2014; reserved 04.09.2014, decided 17.09.2014
• Challenge to SEBI WTM directions requiring Pancard Clubs Limited and its directors to abstain from collecting money from investors through schemes identified as Collective Investment Schemes.
  Appeal withdrawn with liberty to file an intervention application in Pancard Clubs Limited's appeal against the SEBI WTM order. · Appeal disposed of with no order as to costs.
  Appeal: Appeal No. 144 of 2016 disposed of on 11 August 2016 after withdrawal; liberty granted to file an intervention application in Pancard Clubs Limited's appeal.
• SAT matter SATV-AD8753F7DE2059706F3E8DBC
  Both Misc. Applications Nos. 16 and 17 of 2016 allowed to be withdrawn with liberty to file fresh · Both miscellaneous applications disposed of with no order as to costs
  Appeal: Misc. Apps 16 of 2016 in Appeal 254 of 2014 and 17 of 2016 in Appeal 255 of 2014 disposed as withdrawn on 01.03.2016; main appeals pending
• Challenge to attachment of immovable properties during SEBI recovery proceedings against Pancard Clubs Limited; issue was whether an agreement for sale transferred title or created an attachable interest.
  Appeal dismissed; Recovery Officer’s attachment and related orders upheld. · Properties remained subject to attachment for recovery from Pancard Clubs Limited.
  Appeal: Appeal No. 596 of 2019 decided by SAT on 7 February 2022; appeal dismissed.
• Alleged operation of Collective Investment Schemes without prior registration as Collective Investment Management Company.
  Appeal disposed of on SEBI counsel's statement with no order as to costs. · SEBI to consider registration application for existing schemes per law and pass order.
• Operating unregistered Collective Investment Schemes and failure to wind up schemes and refund investors on maturity.
  Misc. Application No.331 of 2016 dismissed · Costs of Rs 1 lac imposed on appellant payable to SEBI
  Appeal: Appeal No.52 of 2016 filed 07 March 2016 against WTM order 29 Feb 2016 pending for final hearing; Misc Application No.331 of 2016 filed 06 Dec 2016 disposed 07 Dec 2016
• Operating unregistered Collective Investment Schemes, collecting investor money and failure to wind up schemes and refund maturity dues.
  Dismissed Misc. Application No.331 of 2016 with costs of Rs.1 lac payable by appellant to SEBI · Misc. Application disposed of; SEBI may recover Rs.1 lac costs from appellant's attached bank account
  Appeal: Appeal No.52 of 2016 filed 07/03/2016 against WTM order dated 29/02/2016 pending for final hearing; Misc. Application No.331 of 2016 filed 06/12/2016 dismissed with costs on 07/12/2016
• SAT matter SATV-FCC9D917B57D461D6D666001
  Statements of both counsel accepted · Both Misc. Applications disposed of in above terms with no order as to costs
  Appeal: Misc. Application No. 308 of 2015 and Misc. Application No. 290 of 2015 in Appeal Nos. 254-255 of 2014 disposed on 16.10.2015 by SAT
• SAT matter SATV-60CF533F42FFEC8F7149DA95
  Both misc. applications allowed to be withdrawn with liberty to file fresh · Both misc. applications disposed of with no order as to costs
  Appeal: Misc. Application No. 16 of 2016 in Appeal No. 254 of 2014 and Misc. Application No. 17 of 2016 in Appeal No. 255 of 2014 - misc applications withdrawn and disposed on 01.03.2016
• SAT matter SATV-835261DD8828FD7B3DA276D1
  Misc. Application No. 7 of 2016 dismissed with no order as to costs
  Appeal: Misc. Application No. 7 of 2016 in Appeal No. 254 of 2014 decided on 08.02.2016 - dismissed