Markets regulator Sebi has slapped a total fine of Rs 2.6 crore on Maitreya Services and Servehit Housing & Infrastructure as well as their directors for raising funds from investors through unregistered collective investment schemes (CISs).
The regulator has levied a fine of Rs 1.5 crore on Maitreya Services and its directors, besides imposing a penalty of Rs 1.1 crore on Servehit Housing as well as its directors, the Securities and Exchange Board of India (Sebi) said in separate orders.
According to the Sebi, Maitreya Services mobilised over Rs 1,331 crore from nearly 27 lakh investors through unregistered CISs. Of this, 11.37 lakh investors were yet to be repaid over Rs 298 crore.
Besides, the Sebi said that the company failed to comply its order passed in March 2013, wherein it had asked the firm to refund the money, along with interest.
"The noticees (Maitreya Services and its directors -- Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar) have sponsored and/ or carried on collective investment schemes in violation of...the CIS Regulations and later, failed to comply with the directions passed in the Sebi order dated March 25, 2013," the regulator said in an order passed on November 30.
With regard to Servehit Housing, Sebi said that the firm and its directors were engaged in the illegal fund mobilising activity by floating unregistered unauthorised CIS.
The company in its submissions admitted of receiving Rs 1.54 crore from the investors.
"Noticees had solicited subscriptions from gullible investors who appear to belong to remote place in Punjab and Haryana through different schemes during the period from 2009 onwards... Noticees repeatedly solicited subscriptions from public for year 2009 onwards illegally and they have not repaid to the investors who have invested in the schemes," the regulator noted.
Accordingly, the watchdog has imposed a penalty of Rs 1 crore, to be paid jointly or severally by Servehit Housing and its directors Sukhmander Singh and Balbir Singh Saini. Besides, the other two directors, Rajender Kumar and Satish Kumar, have been asked to remit a fine of Rs 5 lakh each.
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