Regulations
SEBI bars Maitreya Plotters, directors from raising money

SEBI noted that Maitreya Plotters had launched a scheme towards booking or purchase of plot of land and invited investment from public, on promise of allotment of land

Market regulator Securities and Exchange Board of India (SEBI) has barred Maitreya Plotters and Structures Pvt Ltd and its directors from raising money from public in name of realty business.

 

After a preliminary probe into Maitreya Plotters' real estate scheme, SEBI said it found that the company was running a collective investment scheme (CIS) without permission and registration with the market regulator.

 

Accordingly, SEBI has directed Maitreya Plotters and its directors, Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar, not to collect any more money from investors including under the existing schemes.

 

Satpalkar and Parulekar are also directors of another company Maitreya Services against which SEBI has already taken action for running unauthorised schemes.

 

Besides, the entities have been asked not to launch any new schemes, not to dispose of any of the properties or alienate any of the assets of the schemes and not to divert any funds raised from public at large, which are kept in bank account(s) and/or in the custody of the company.

 

"...I find it reasonable to take recourse through an interim action against Maitreya Plotters and its directors for preventing them from further carrying on with fund mobilising activity related to CIS, without registration from SEBI," SEBI's whole time member S Raman said in the order.

 

SEBI had received complaints alleging illegal mobilisation of funds through activities in the nature of CIS by Maitreya Plotters.

 

SEBI observed that the firm had launched "Scheme towards Booking or Purchase of Plot of Land" inviting investment from the public, on promise of allotment of land.

 

Following the execution of an agreement with the investor the firm also undertook the task to develop plot of land to make it suitable for cultivation purpose.

 

The regulator observed that the scheme run by the company "does not show any resemblance to real estate business or transaction but rather operates as a disguise to mislead and attract investment from the general public towards the fund mobilising activity of MPSPL, which is in the nature of CIS".

 

Further, SEBI said that the company had not obtained any certificate of registration under the CIS norms for its fund mobilising activity under the scheme offered by it.

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