Business Standard: Mumbai: Friday, 01 August 2014.
In a
crackdown on an unauthorised money pooling scheme promising high returns,
market regulator Sebi has barred Dhanolty Developers and its promoters from
raising funds from public and from launching any new investment plans.
"Activity
of fund mobilisation by Dhanolty Developers with a resultant promise of
returns...Is nothing but a collective investment scheme (CIS)...Under the guise
of sale and rearing of bee colony and sale/purchase development of
land/plot," the Securities and Exchange Board of India (Sebi) said in its
yesterday's order.
Delhi-based
Dhanolty Developers was found to have collected money from investors by asking
them to purchase bee colony and the company would rear this colony from the
pooled amount received from them. Investors were entitled to receive only the
profit as per the plan.
Through its
sale or purchase of development of land, the company was selling plot worth Rs
2 lakh (paid in 10 monthly instalments of Rs 10,000 each) by offering return of
Rs 4 lakh after 72 months and Rs 5.6 lakh after 100 months.
The regulator
found that the company was running a CIS without obtaining a certificate of
registration from Sebi.
Consequently,
Sebi directed the company and its promoters or directors Sanjay Walia, Siddharth
Walia, Anita Mallik, Raksha Kumari, Pratap Singh, Shefali Walia and Pankaj
Bakshi "not to collect any fresh money from investors under its existing
scheme and "not to launch any new schemes or plans or float any new
companies to raise fresh money".
The entities
have also been ordered to immediately submit the full inventory of the assets
owned by the company out of the amounts collected from the investors.
Besides, the
company and its promoters or directors have been asked not to dispose of any of
the properties or alienate the assets of the existing scheme as well as not to
divert any funds mobilised from the public.
They would
have to furnish all the information sought by Sebi with regard to scheme-wise
list of investors along with the details of amount mobilised.
The
directions would take effect immediately and would be in force until further
orders in this regard.
Sebi,
received an RTI application in December 2012, where the applicant sought
information regarding some companies including Dhanolty Developers which were
raising money from investors as advances for purchase of properties in Bihar.
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