Regulations
MVL Limited shall abstain from collecting any money from investors: SEBI

SEBI, has passed an order under the SEBI Act, 1992 read with Regulation 65 of the SEBI (Collective Investment Scheme) Regulations, 1999 in the matter of MVL Limited

 

“MVL Limited shall abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the schemes which have been identified as a Collective Investment Scheme in this Order,” Prashant Saran, Whole Time Member of SEBI, said in his order on 19 December 2014 on MVL Limited.

 

The order on MVL Limited is also binding on its directors viz., Prem Adip Rishi, Praveen Kumar, Rakesh Gupta, Vinod Malik, Vinod Kumar Khurana, Vijay Kumar Sood and Kalpana Gupta.

 

According to the SEBI order, the company should wind up the existing Collective Investment Schemes and refund the monies collected by it 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. Thereafter, the company should 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.

 

The company should not alienate or dispose off or sell any of its assets, except for the purpose of making refunds to its investors. The directors of the company are also required to immediately submit the complete and detailed inventory of the assets owned by MVL Limited.

 

As per the SEBI Order, the company and its directors are restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four years.

 

SEBI, has passed the above order under the SEBI Act, 1992 read with Regulation 65 of the SEBI (Collective Investment Scheme) Regulations, 1999 in the matter of MVL Limited.

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COMMENTS

chetan aggarwal

1 year ago

Judgement against MVL from Apex consumer court
National Consumer commission judgment Case numbers CC/142/2012, CC/158/2014 and CC/356/2014

Background of cases
17 buyers filled three cases in NCDRC for fraudulent practices adopted by M/S MVL Limited in their project MVL Coral, Bhiwadi, Rajasthan . M/s MVL Limited floated a scheme in the year 2006 and aggressively marketed the said project promising high living luxury apartments, specially designed Swimming Pool, 24 hour power back up, Modular Kitchen, Covered Car Parking, Garden, Play Area, Security Club house, Rain Water Harvesting, Wifi Internet, Gymnasium etc. The project was planned with five towers namely Avenue-1,2,3,4 and 5. Out of 5 towers, only tower no. 5 has been constructed at site as per approved layout plan. The numbering and layout plans of all other towers were changed for unprecedented gains by the builder. 3 complainants had booked in tower-5 and all others in other towers. MVL Limited could not obtain mandatory occupancy certificate for the said project.
Court Orders
In its order, the NCDRC on 7-12-2015 said 3 buyers of tower-5 will take possession. MVL Limited is directed to furnish the occupation certificate, within 9 months from date of orders, as agreed, otherwise, it will carry additional penalty in the sum of Rs.2,000/ per day for each of the complainants, after the expiry of said 9 months. There was a delay in providing possession in the premises in dispute. Consequently, they be paid penalty of delayed possession @ 15% per year,
till the possession is given. MVL Limited is also directed to provide covered car parking, club membership, power backup, park facing flat, wherever applicable and corner flat, wherever is applicable, as mentioned in the agreement, within a period of 9 months, as already ordered, otherwise, it will return the entire amounts paid by the complainants, along with interest @15% p.a. from the date of receipt of the money, till realization.
For all other complainants commission noted MVL Ltd. had changed its original plans and increased the number of floors, flooring area, ratio and density per acre. It has caused inordinate delay in completion of said projects. It has changed zoning plans, usage pattern, super area, carpet area and alteration of structures. This is an indisputable fact that the MVL Limited, of its own accord, arbitrarily and despotically, without seeking the consent of the allottees, has changed the tower number. This is deficiency on its part. The consumers cannot be compelled to accept the flats according to the sweet choice of the builder. The choice of builder cannot be imposed upon the consumers. It would be worst kind of highhandedness on the part of the builder.

Consequently, all other complainants are entitled of refund of money. All the remaining complainants shall be refunded the money that they had paid with interest @15% p.a from the date they paid till realization.
All the complainants are entitled to costs in the sum of Rs.25,000/each complainant.

chetan aggarwal

1 year ago

Judgement against MVL from Apex consumer court
National Consumer commission judgment Case numbers CC/142/2012, CC/158/2014 and CC/356/2014

Background of cases
17 buyers filled three cases in NCDRC for fraudulent practices adopted by M/S MVL Limited in their project MVL Coral, Bhiwadi, Rajasthan . M/s MVL Limited floated a scheme in the year 2006 and aggressively marketed the said project promising high living luxury apartments, specially designed Swimming Pool, 24 hour power back up, Modular Kitchen, Covered Car Parking, Garden, Play Area, Security Club house, Rain Water Harvesting, Wifi Internet, Gymnasium etc. The project was planned with five towers namely Avenue-1,2,3,4 and 5. Out of 5 towers, only tower no. 5 has been constructed at site as per approved layout plan. The numbering and layout plans of all other towers were changed for unprecedented gains by the builder. 3 complainants had booked in tower-5 and all others in other towers. MVL Limited could not obtain mandatory occupancy certificate for the said project..

Court Orders
In its order, the NCDRC on 7-12-2015 said 3 buyers of tower-5 will take possession. MVL Limited is directed to furnish the occupation certificate, within 9 months from date of orders, as agreed, otherwise, it will carry additional penalty in the sum of Rs.2,000/ per day for each of the complainants, after the expiry of said 9 months. There was a delay in providing possession in the premises in dispute. Consequently, they be paid penalty of delayed possession @ 15% per year,
till the possession is given. MVL Limited is also directed to provide covered car parking, club membership, power backup, park facing flat, wherever applicable and corner flat, wherever is applicable, as mentioned in the agreement, within a period of 9 months, as already ordered, otherwise, it will return the entire amounts paid by the complainants, along with interest @15% p.a. from the date of receipt of the money, till realization.
For all other complainants commission noted MVL Ltd. had changed its original plans and increased the number of floors, flooring area, ratio and density per acre. It has caused inordinate delay in completion of said projects. It has changed zoning plans, usage pattern, super area, carpet area and alteration of structures. This is an indisputable fact that the MVL Limited, of its own accord, arbitrarily and despotically, without seeking the consent of the allottees, has changed the tower number. This is deficiency on its part. The consumers cannot be compelled to accept the flats according to the sweet choice of the builder. The choice of builder cannot be imposed upon the consumers. It would be worst kind of highhandedness on the part of the builder.

Consequently, all other complainants are entitled of refund of money. All the remaining complainants shall be refunded the money that they had paid with interest @15% p.a from the date they paid till realization.
All the complainants are entitled to costs in the sum of Rs.25,000/each complainant.

Mutual Fund equity folio count increased by 8.4 lakh in April-November 2014

The investor base reached its peak of 4.11 crore in March 2009, while it was 3.77 crore in March 2008

 

Equity mutual funds witnessed an addition of over 8.4 lakh investor accounts or folios in the first eight months of the current fiscal (2014-15) in view of the sharp rally in the stock market.

 

Folios are numbers designated to individual investor accounts, though one investor can have multiple folios.

 

According to Securities and Exchange Board of India data on investor accounts with 45 fund houses, number of equity folios rose to 3,0,024,747 at last month-end from 2,91,80,922 for the whole of last fiscal ending (March 31, 2014), registering a gain of 8,43,825 folios till November period of this fiscal.

 

The investor base reached its peak of 4.11 crore in March 2009, while it was 3.77 crore in March 2008.

 

Industry experts said that a strong rally in the equity market and the consequent rise in investors' interest led to a sharp increase in retail folios.

 

Assets under management (AUM) of equity mutual funds have also been on an upswing.

Total equity mutual funds AUM jumped to 24% of the total AUM in October, from 18% in the year-ago month. Over the 11-month period, from January 2014 to November 2014, equity mutual funds recorded a net inflow of Rs42,907 crore. In the same period last year, the equity funds reported a net outflow of Rs11,284 crore.

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Pulse Beat

Medical developments from around the world

 

The Ebola story changing daily?

In the sordid saga on ebola, governments and the science establishments seem to be in cahoots. At one point, they announced that the virus was losing its power; the next day, reports said that a new outbreak was expected. There is a big debate about its spread because very little is known, or understood, about the virus. Although the Centres for Disease Control and Prevention (CDC) says that it does not spread through air, some stray reports suggest cases of airborne contagion.

 

Weight in Early Pregnancy and Outcomes in Early Infancy

A team of Swedish and American researchers wanted to test the hypothesis that obese mothers are a bad influence on their offspring. They studied all the births in the Swedish Birth Registry between 1992 and 2010, which totalled 1.8 million.

 

The study’s results have upheld the hypothesis. The fatter the mother during pregnancy, the higher was the infant mortality. The authors of the study said: “Causes of death included congenital anomalies, birth asphyxia, infections and sudden infant death syndrome (SIDS) and results were adjusted for factors, such as maternal age, height, smoking, education, country of birth, and year of delivery. Babies do best when mothers have a normal body weight before and during pregnancy, they added.”

 

This was an epidemiological retrospective study and might only show the trend. To prove that this hypothesis really works on the ground, one has to confirm it with prospective studies and, if possible, animal studies.

 

Does the Simple Flu Vaccination Kill?

The number of people who have died in Italy after being administered a flu vaccine made by a Swiss pharmaceutical company has risen to 13. “The Italian Medical Agency (AIFA) has warned against panic and stressed there is not proof yet that it was the vaccine that led to the deaths. It said it banned two batches of the product—called FLUAD—as a precautionary measure, pending further studies,” the Sydney Morning Herald reported.

 

Burden of Medical Treatment on Families

This is a matter that receives little attention in the hi-tech medical world. The usual joke is that a recovering patient gets a massive heart attack and dies when he sees the final hospital bill. Imagine the fate of relatives when a patient dies in the hospital with a huge bill pending. The rule, in some private hospitals, is that the relatives and friends need to clear the bill before they get hold of the dead body!

 

There is an editorial on this in the recent issue of the British Medical Journal which says, “The burden continues to increase as healthcare systems shift an ever growing list of management responsibilities and tasks on to patients and their caregivers. This is real work, which requires considerable effort from patients, their caregivers, and their extended social networks.” The burden can be more severe on patients from lower socio-economic backgrounds. Patients who work at more than one job to make enough money for survival, for example, may find it hard to “follow the requirements of multiple clinical guidelines” and “struggle to adhere to treatment recommendations.” Other challenges include the expense of getting clinic appointments and learning self-management skills, such as coping with polypharmacy and taking regular injections.

 

Mediterranean Diet and Health

The latest research about the ‘Mediterranean diet’ suggests that it increases longevity by preserving the length of the telomeres. Interestingly, the diet also has advice on alcohol intake: “It is characterised by a high intake of vegetables, fruits, nuts, legumes (such as peas, beans and lentils), and (mainly unrefined) grains; a high intake of olive oil but a low intake of saturated fats; a moderately high intake of fish, a low intake of dairy products, meat and poultry; and regular but moderate intake of alcohol (specifically wine with meals).” I am not in agreement with this line on wine. In my considered view, alcohol can never have any salutary effect on human health. It is possible that the positive tilt on alcohol may have a link to the funders of the study.

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