PRESS RELEASE - SEBI

February 22, 2016
PR No. 029/2016


Order in the matter of M/s. Skylark Land Developers & Infrastructure India Ltd

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on February 17, 2016, wherein M/s. Skylark Land Developers & Infrastructure India Ltd, its promoters/ directors namely Mr. Dilip Kumar Jain, Mr. Ram Shankar Yadav, Mr. Durga Prasad Yadav, Mr. Jaihind Kumar, Mr. Anand Kumar Gupta and Mr. Santosh Kumar Pandey, inter-alia have been directed to shall abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes (CIS) including the schemes which have been identified as a CIS in this Order. Skylark Land Developers and Infrastructure India Limited, Mr. Dilip Kumar Jain, Mr. Ram Shankar Yadav, Mr. Durga Prasad Yadav and Mr. Jaihind Kumar, shall wind up the existing Collective Investment Schemes and refund, through ‘Bank Demand Draft’ or ‘Pay Order’, the money collected by the said company under the schemes with returns which are due to its investors as per the terms of offer within a period of three months from the date of this Order and thereafter within a period of fifteen days, submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999.
 
Skylark Land Developers and Infrastructure India Limited, Mr. Dilip Kumar Jain, Mr. Ram Shankar Yadav, Mr. Durga Prasad Yadav and Mr. Jaihind Kumar, shall not alienate or dispose off or sell any of the assets of the aforesaid company except for the purpose of making refunds to its investors, as directed above.
 
After completing the aforesaid repayments, as directed, above, the Skylark Land Developers and Infrastructure India Limited shall file a certificate of such completion with SEBI, within a period of 15 days, from two independent peer reviewed Chartered Accountants who are in the panel of any public authority or public institution.
 
Skylark Land Developers and Infrastructure India Limited, Mr. Dilip Kumar Jain, Mr. Ram Shankar Yadav, Mr. Durga Prasad Yadav, Mr. Jaihind Kumar, Mr. Anand Kumar Gupta and Mr. Santosh Kumar Pandey are directed to immediately submit the complete and detailed inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form.
 
Skylark Land Developers and Infrastructure India Limited, Mr. Dilip Kumar Jain, Mr. Ram Shankar Yadav, Mr. Durga Prasad Yadav, Mr. Jaihind Kumar, Mr. Anand Kumar Gupta and Mr. Santosh Kumar Pandey are restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of 4 years.
 
In the event of failure by Skylark Land Developers and Infrastructure India Limited, Mr. Dilip Kumar Jain, Mr. Ram Shankar Yadav, Mr. Durga Prasad Yadav, Mr. Jaihind Kumar, Mr. Anand Kumar Gupta and Mr. Santosh Kumar Pandey to comply with the directions above, the following action shall follow:

  • Skylark Land Developers and Infrastructure India Limited, Mr. Dilip Kumar Jain, Mr. Ram Shankar Yadav, Mr. Durga Prasad Yadav, Mr. Jaihind Kumar, Mr. Anand Kumar Gupta and Mr. Santosh Kumar Pandey shall remain restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities market, even after the completion of period of 4 years of restraint imposed above, till all the Collective Investment Schemes of the Company are wound up and all the monies mobilized through such schemes are refunded to its investors with returns which are due to them.
  • SEBI would make a reference to the State Government/Local Police to register a civil/ criminal case against the Company, its promoters, directors and its managers/persons in-charge of the business and its schemes, for offences of fraud, cheating, criminal breach of trust and mis-appropriation of public funds.
  • SEBI would make a reference to the Ministry of Corporate Affairs, to initiate the process of winding up of the Company.
  • SEBI shall also initiate attachment and recovery proceedings under the SEBI Act and rules and regulations framed thereunder.

This order shall come into force with immediate effect.

SEBI had passed an interim order on December 15, 2014 in the matter, whereby inter-alia, it directed the company and its promoters/ directors not to collect any more money from investors through unregistered CIS activities. The present order dated February 17, 2016 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
February 22, 2016


 

For full copy of order against SKYLARK LAND DEVELOPERS & INFRASTRUCTURE INDIA LTD., MR.DILIP KUMAR JAIN, MR.RAM SHANKAR YADAV, MR.DURGA PRASAD YADAV, MR.JAIHIND KUMAR, MR.ANAND KUMAR GUPTA and MR.SANTOSH KUMAR PANDEY click here.