SEBI found that Adel Landmark was collecting money from investors through various schemes withtout obtaining registration certificate from SEBI
Market regulator Securities and Exchange Board of India (SEBI) directed Adel Landmarks Ltd (formerly known as Era Landmarks Ltd) and its directors to shut down its collective investment scheme (CIS). SEBI also directed the company not to collect, any money from investors under its existing CIS schemes, lauch new schemes and divert funds collected from investors.
SEBI found that Adel Landmarks was engaged in fund mobilising activity from the public, by floating ‘collective investment schemes’ without obtaining certificate of registration from SEBI.
SEBI received several complaints about Adel Landmarks regarding the scheme launched by the company for pre-booking of plots in 'Cosmocity', Gurgaon. SEBI found that Adel Landmarks had mobilized crores of rupees from investors and failed to refund the same within the stipulated time.
SEBI said, “It appers that activity of fund mobilization by Adel Landmark under the 'scheme' with a resultant promise of returns when considered in light of peculiar characteristics and features of such scheme, satisfies all
four conditions specified in Section 11AA (2) of the SEBI Act.
Hence as per SEBI Act, 1992 and CIS Regulation, SEBI has directed Adel Landmark and its directors; Sumit Bharana, Arvind Kumar Birla, Manisha Bharana, Rakesh Kumar Gupta, Rashmi Bharana and its former directors;
• Not to collect any fresh money from investors under its existing scheme;
• Not to launch any new schemes or plans;
• To immediately submit the full inventory of the assets owned by company;
• Not to dispose of any of the properties or the assets of the existing scheme;
• Not to divert any funds raised from public at large;
• To furnish all the information sought by SEBI within 15 days from the date.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
https://groups.google.com/forum/#!forum/era-landmarks-adel-landmarks-gurgaon-complaints