November 09, 2015
PR No. 264/2015

Order in the matter of M/s Dhanolty Developers Limited and its directors

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on Nov 04, 2015 in the matter of M/s Dhanolty Developers Ltd and its directors under Sections 11(1), 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 read with Regulations 65 of Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999.

The order directed the company, and its directors/promoters viz., namely Mr. Sanjay Walia, Mr. Siddharth Walia, Ms. Anita Malik, Ms. Raksha Kumari, Mr. Shiv Pratap Singh, Ms. Shefali Walia and Mr. Pankaj Bakshi to wind up its scheme and refund the money collected by it under the scheme with returns within a period of three months from the date of this order and submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, and further restrained and prohibited the Company and Directors from buying, selling or otherwise dealing in the securities market till all collective investment schemes launched by the Company are wound up and all the monies mobilised through it are refunded to the investors.

Dhanolty Developers Ltd was running a scheme/arrangement of mobilizing funds from investors / public through applications for purchase of and development plot under its various plans without being registered with SEBI and as a result of the aforesaid activity has violated provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999.

Mumbai
 
November 09, 2015

For full copy of order against Dhanolty Developers Ltd., Mr.Sanjay Walia, Mr.Siddharth Walia, Ms.Anita Malik, Ms.Raksha Kumari, Mr.Shiv Pratap Singh, Ms.Shefali Walia and Mr.Pankaj Bakshi click here.