October 08, 2015
PR No. 239/2015
Order in the matter of M/s Adel landmarks Ltd.
Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on October 07, 2015 under SEBI Act, 1992
read with SEBI (Collective Investment Schemes) Regulations, 1999 issuing the following directions in the matter of
M/s Adel landmarks Ltd.
- Adel Landmarks Limited and its directors namely Mr. Rakesh Kumar Gupta, Mr. Sumit Bharana and Mr.Arvind Kumar Birla and former directors Ms. Rashmi Bharana, Mr. Sanjay Chawla and Ms. Manisha Bharana
shall abstain from collecting any money from the investors or launch or carry out any Collective Investment
Schemes including the scheme which have been identified as a Collective Investment Scheme in this Order.
- Adel Landmarks Limited and its directors namely Mr. Rakesh Kumar Gupta, Mr. Sumit Bharana and Mr.Arvind Kumar Birla shall wind up the existing Collective Investment Schemes and refund 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, including the trail of funds claimed to be refunded, bank account statements
indicating refund to the investors and receipt from the investors acknowledging such refunds.
- Adel Landmarks Limited and its directors namely Mr. Rakesh Kumar Gupta, Mr. Sumit Bharana and Mr.Arvind Kumar Birla shall not alienate or dispose off or sell any of the assets of the Company except for the
purpose of making refunds to its investors as directed above.
- Adel Landmarks Limited and its directors namely Mr. Rakesh Kumar Gupta, Mr. Sumit Bharana and Mr.
Arvind Kumar Birla and former directors Ms. Rashmi Bharana, Mr. Sanjay Chawla and Ms. Manisha Bharana
are also directed to provide a full 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.
- Adel Landmarks Limited and its directors namely Mr. Rakesh Kumar Gupta, Mr. Sumit Bharana and Mr.Arvind Kumar Birla and former directors Ms. Rashmi Bharana, Mr. Sanjay Chawla and Ms. Manisha Bharana
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.
The Company under its ‘purchase and development of future land’ scheme was engaged in fund mobilizing
activity from public by floating/sponsoring/ launching unregistered / unauthorized Collective Investment Scheme
(CIS) as defined in the SEBI Act, 1992.
Mumbai
October 08, 2015 |