November 26, 2014
PR No. 138/2014

Order in the matter of M/s Shree Sai Spaces Creations Ltd and its directors

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on Nov 24, 2014 under Sections 11 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 in the matter of M/s Shree Sai Spaces Creations Limited and its directors. The order directed the company, and its directors viz., Mr.Suresh L Shrivastav, Mr Laxmi S Shrivastav, Mr Ritesh K Shrivastav , Mr Vivek K Shrisastav and Mr Raj Kumar Konde, 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 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.
 
The order further directed the company, and its directors not to alienate or dispose off or sell any of the assets of Shree Sai Spaces Creations Limited except for the purpose of making refunds to its investors and submit the complete and detailed inventory of the assets owned by Shree Sai Spaces Creations Limited.
 
Shree Sai Spaces Creations Limited Ltd. was running a scheme/arrangement of development of solar power generation Plant and mobilizing funds from investors / public under its schemes 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 26, 2014

For full copy of order against LAXMI SURESH LAL SHRIVASTAV, click here.

For full copy of order against RAJKUMAR LAXMAN KONDE, click here.

For full copy of order against RITESH KUMAR SHRIVASTAV, click here.

For full copy of order against SHREE SAI SPACES CREATIONS LTD., click here.

For full copy of order against SURESH LAL SHRIVASTAV, click here.

For full copy of order against VIVEKKUMAR SURESH SRIVASTAV, click here.