In a crackdown on an unauthorised money pooling scheme promising high returns, Sebi today barred SPNJ Land Project and Developers India and its directors from raising fresh money from public as well as launching any new scheme.
The company has collected at least Rs 13 crore from 40,000
investors for developing plots of land through its plans.
"It prima facie appears that the scheme offered by SPNJ under the pretext sale of developed hand parcels is nothing but a smokescreen for its fund mobilising activity under a collective investment scheme (CIS) without obtaining a certificate of registration from Sebi," the regulator said in its order.
The company was found to have running a CIS under its scheme without obtaining a certificate of registration from Sebi.
The company was mobilising funds under the 'scheme' for the allotment of land, subsequent transfer, development and maintenance plot with a resultant promise of return.
Consequently, Sebi directed the company and its directors--Rajkumar Banerjee, Dolly Banerjee and Mausami Banerjee-- 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 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.
The company and its directors would have to furnish all the information sought by Sebi with regard to scheme-wise list of investors alongwith the details of amount mobilised.
The directions would take effect immediately and would be in force until further orders in this regard.
"It is noted that an amount of Rs 13 crore had been collected from 40,000 investors as on February 10, 2014. However, the amount reflected in the balance sheet of the company for period upto March 31, 2013 is Rs 33.63 crore under the head long term borrowing plans," Sebi said.
During January 1-31, 2014, the company has collected funds from 385 investors and face value indicated ranges between 5,000 and Rs 2 lakh.
