Home Case Index All Cases Companies Law Companies Law + Board Companies Law - 2014 (7) TMI Board This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 1246 - Board - Companies LawFraudulent fund mobilization - activities of 'collective investment scheme' in terms of Section 11 AA of the SEBI Act - Held that:- It is noted that PCL was advised to respond to the preliminary enquiry conducted by SEBI, through SEBI letters dated September 17, 2013 and emails dated March 13, 2014 and April 03, 2014. However, on all these occasions, PCL delayed submission of the requisite information and also failed to furnish the scheme wise list of investors and their contact numbers and addresses as sought by SEBI. In these circumstances, find that reasonable opportunity has been afforded to PCL to respond to SEBI. When considered in the context of the abovementioned prima facie finding, the inescapable conclusion is that non-submission of the information especially scheme wise list of investors and their contact numbers and addresses to SEBI is nothing but an attempt to conceal the true nature and operation of the fund mobilizing activity of PCL. From the material available on record, it is observed that Mr. Sudhir Shankar Moravekar (PANAADPM2933M), Mrs. Shobha Ratnakar Barde (PAN-ASLPB1204C), Mrs. Usha Arun Tari (PAN-ABYPT8841M), Shri. Manish Kalidas Gandhi (PAN-AITPG8933H), Shri. Chandrasen Ganpatrao Bhise (PAN-AADPB6103E) and Shri Ramachandran Ramakrishnan (PAN-AAIPR9196G) are the Promoters/Directors/persons in charge of the business of PCL. Further, in order to safeguard the assets/property acquired by PCL and its promoters/directors using the funds collected from the investing public until full facts and materials are brought and final decision is taken in the matter, it is incumbent on SEBI to take preventive action by way of an immediate measure. In the light of the above, I find no other alternative but to take recourse to an interim order against PCL and its Directors for preventing them from further carrying on with its existing fund mobilizing activity by launching 'collective investment scheme', without obtaining registration from SEBI in accordance with law. We in exercise of the powers conferred upon me under sections 11(1), 11B and 11(4) of the SEBI Act read with Regulation 65 of CIS Regulations, hereby direct PCL and its Directors, namely, Mr. Sudhir Shankar Moravekar (PANAADPM2933M), Mrs. Shobha Ratnakar Barde (PAN-ASLPB1204C), Mrs. Usha Arun Tari (PAN-ABYPT8841M), Shri. Manish Kalidas Gandhi (PAN-AITPG8933H), Shri. Chandrasen Ganpatrao Bhise (PAN-AADPB6103E) and Shri Ramachandran Ramakrishnan (PAN-AAIPR9196G): not to collect any fresh money from investors under its existing scheme; not to launch any new schemes or plans or float any new companies to raise fresh moneys; to immediately submit the full inventory of the assets obtained through money raised by PCL; not to dispose of or alienate any of the properties/assets obtained directly or indirectly through money raised by PCL; not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of PCL or group companies or promoters or LLPs or Proprietary concerns or any person directly or indirectly controlled through shareholding or management by PCL ; to furnish all the information/details sought by SEBI within 15 days from the date of receipt of this order, including, i. Details of amount mobilized and refunded till date, ii. Scheme wise list of investors, investment amount and addresses with contact numbers, if any. iii. Details of agents along with address, money mobilized and commission paid
|