Pulling the plug on yet another illicit investment scheme, SEBI on Wednesday prohibited Maharashtra-based Utkarsha Plotters & Multi Agro Solutions India Ltd from raising funds from the public with immediate effect.
SEBI
Besides, the market watchdog directed the company not to launch any new scheme. The Securities and Exchange Board of India (SEBI) found that Utkarsha was running 'collective investment schemes' (CIS) without obtaining registration from the regulator.
It found that the company was carrying on CIS under the garb of purchase/sale/development of plot of land. "The activity of fund mobilisation by Utkarsha under the scheme/plans for allotment,development and maintenance and subsequent transfer of land, with a resultant promise of return," prima facie satisfies the features of CIS, SEBI Whole Time Member S Raman said in an order.
Accordingly, SEBI directed Utkarsha and its directors -- Mithalal Gurav, Mitharam Chhagan Gurav and Pravin Chhagan Gurav--"not to collect any fresh money from investors under its existing schemes" and also asked them "not to launch any new schemes or plans or float any new companies to raise fresh money."
Additionally, the company and its directors have been directed not to dispose any assets obtained from funds collected, while the entities also cannot divert money raised from the public.
Further, the entities have been asked to "immediately submit the full inventory of the assets including land obtained through money raised by Utkarsha " as well as furnish withing 15 days details related to the scheme.
These directions shall take effect "immediately and shall be in force until further orders in this regard.
It found that the company was carrying on CIS under the garb of purchase/sale/development of plot of land. "The activity of fund mobilisation by Utkarsha under the scheme/plans for allotment,development and maintenance and subsequent transfer of land, with a resultant promise of return," prima facie satisfies the features of CIS, SEBI Whole Time Member S Raman said in an order.
Accordingly, SEBI directed Utkarsha and its directors -- Mithalal Gurav, Mitharam Chhagan Gurav and Pravin Chhagan Gurav--"not to collect any fresh money from investors under its existing schemes" and also asked them "not to launch any new schemes or plans or float any new companies to raise fresh money."
Additionally, the company and its directors have been directed not to dispose any assets obtained from funds collected, while the entities also cannot divert money raised from the public.
Further, the entities have been asked to "immediately submit the full inventory of the assets including land obtained through money raised by Utkarsha " as well as furnish withing 15 days details related to the scheme.
These directions shall take effect "immediately and shall be in force until further orders in this regard.
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