NEW DELHI: Regulator Sebi on Thursday banned Haldhar Realty and Enterprises and its three directors from securities market for at least four years and directed them to refund the money that the firm had collected illegally from public.
The directors are Arvindkumar Lunkaran Vaktharia, Anita Arvindbhai Vaktharia and Lunkaran Kachraji Vaktharia, according to an order of the Securities and Exchange Board of India (Sebi).
Haldhar had mobilised funds under its various schemes for ‘purchase of plots of land and its development’.
The firm had informed the regulator that it had collected money from 76,179 investors and its liability as on March 31, 2013 was Rs 25.35 crore.
Noting that the schemes offered by the firm fulfill the conditions of a collective investment scheme (CIS), the regulator said, “Haldhar has not obtained any certificate of registration from Sebi under the CIS Regulations for its fund mobilising activity from the public”.
The launching of any CIS and mobilisation of funds from the public under it can be done by any entity only after obtaining requisite registration.
The firm and its directors have been ordered to abstain themselves from collecting payments, either directly or indirectly, from the investors or launch or carry out any CIS.
The three individuals have also been restrained from holding position as director or key managerial personnel of any listed company for a period of four years.