Securities
and Exchange Board of India (SEBI) has barred Servehit Housing &
Infrastructure India and its directors from raising money from public. A probe
by the watchdog indicated that the company is involved in mobilisation of funds
through alleged illicit real estate scheme.
SEBI
has also asked Servehit Housing & Infrastructure India Ltd, its directors
not to dispose off properties and assets acquired through its collective
investment schemes (CIS) as well as not to divert the funds raised from such
schemes.
Also,
it has asked for a full inventory of assets owned by Servehit Housing out of
the amounts collected from investors under the company's various schemes. The
company has also been restrained from launching any new schemes.
In
an order dated October 31, SEBI said that it began probing the alleged illegal
mobilisation of funds by Servehit Housing on receipt of a complaint against the
firm in 2010.
The
company had offered a scheme towards "purchase, development &
maintenance of plot" and allegedly mobilised money from public with
resultant promise of returns. The regulator SEBI has asked the company and its 5 directors to
file their replies against the charges within 15 days from the date of the
order.
According
to SEBI preliminary probe, the scheme run by Servehit Housing wherein the
company invited applications from public for booking a plot with promise of
returns "has been camouflaged by Servehit Housing & Infrastructure
India Ltd by terming it as a real estate business only to mislead and attract
investment from public".
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