Fines reduced on E-cigarette companies that misled consumers

Two Utah-based e-cigarette companies that were the subject of a TINA.org investigation and which admitted to multiple violations of consumer protection laws only have to pay two percent of the fines the state assessed when citing the companies.

 

According to final settlement agreements obtained by TINA.org, the companies, Vapex LLC and Sinless Vapor LLC, which violated numerous Utah consumer laws including advertising risk-free starter kits that weren’t free, repeatedly charging consumers without their consent and making claims that the products are a healthy alternative and could be smoked anywhere, have to pay a combined total of less than $20,000 of more than $1 million in assessed fines.

 

Vapex was cited for 329 violations and will only have to pay $16,450 of the $822,500 assessed fine. Sinless Vapor was cited for 94 violations and will only have to pay the state $4,700 of the $235,000 fine. (A third company, OZN Web LLC, of Arizona, reached an agreement with the state earlier this year and is paying $10,000 of the assessed $45,000 fine for 18 violations.)

 

Read full story here :

 

Courtesy: Truthinadvertising.org

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Skylark Land Developers and Infrastructure India directed not to collect any more money from investors

Skylark Land Developers and Infrastructure India had launched Collective Investment Schemes without obtaining certificate of registration from SEBI

 

Skylark Land Developers and Infrastructure India Limited having its registered office at Gwalior, Madhya Pradesh has been directed not to collect any fresh money from investors from its existing scheme by a SEBI Order.

 

The SEBI Order inter-alia directed the company and its directors viz. Dilip Kumar Jain, Ram ShakarYadav, Durga Prasad Yadav, Jaihind Kumar and Anand Kumar Gupta not to launch any new scheme/plan or float any new companies to raise fresh moneys. The company is not allowed to dispose of any of the properties or alienate the assets of the existing scheme. It is not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of the company.

 

According to the SEBI Order, the company is required to immediately submit the full inventory of the assets owned by Skylark Developers out of the amounts collected from the "customers"/investors under its existing schemes. It is required to furnish all the information sought by SEBI (vide letter dated November 22, 2012), within 15 days of the receipt of this Order including: scheme wise list of investors and their contact numbers and addresses; the details of amount mobilized and refunded till date; and sample copies of all the documents pertaining to scheme including the documents/ agreements/ contracts executed with the "customers"/ investors.

 

The company had launched Collective Investment Schemes without obtaining certificate of registration from SEBI.

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‘Mondal Construction Company shall not mobilise funds from investors’, orders SEBI

The company was engaged in fund mobilising activity through issue of Redeemable Preference shares to more than 49 persons without complying with the relevant provisions

 

Securities and Exchange Board of India (SEBI), has passed an interim order dated 15 December 2014 in the matter of Mondal Construction Company Limited, directing that the company shall not mobilise funds from investors. Further, the company and its directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders.

 

The company and its directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.

 

The company and its directors have further been directed not to dispose off any of the properties or alienate or encumber any of the assets of the Company without prior permission of SEBI and not to divert any funds raised from public at large through the offer of Redeemable Preference shares, which are kept in bank accounts and in the custody of the company.

 

The company was engaged in fund mobilising activity through issue of Redeemable Preference shares to more than 49 persons without complying with the relevant provisions.

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