July 18, 2013
PR No. 066/2013

Order in the matter of M/s. Sai Prasad Properties Ltd. and its Directors/promoters

Shri S Raman, Whole Time Member (WTM), SEBI passed an order on July 17, 2013 in the matter of M/s. Sai Prasad Properties Ltd. directing the company and its directors/promoters, including Shri Balasaheb K. Bhapkar and Mrs. Vandana B. Bhapkar not to collect any more money from investors including under the existing schemes, not to launch any new schemes or plans, not to dispose of or alienate any of the properties or assets owned or acquired in
respect of or in pursuance of the schemes and not to divert any funds raised from public at large which are kept in bank account(s) and/or in the custody of the company.
 
M/s. Sai Prasad Foods Ltd was prima facie found to be engaged in fund mobilising activity from public by floating ‘collective investment schemes’ as defined in Section 11AA of the SEBI Act.
 
The company had launched various collective investment schemes without obtaining certificate of registration from SEBI, thus contravening the provisions of Section 12 (1B) of the SEBI Act and Regulation 3 of the SEBI (Collective Investment Schemes) Regulations, 1999.

 
Mumbai

July 18, 2013

For full copy of order against BALASAHEB K.BHAPKAR, click here.

For full copy of order against SAI PRASAD PROPERTIES LTD., click here.

For full copy of order against VANDANA B.BHAPKAR, click here.