Pancard Clubs, is in
the business of marketing holiday plans, has been directed by SEBI not to
collect any fresh money under its existing schemes (holiday plans).
SEBI has also
directed its directors Sudhir Shankar Moravekar, Shobha Ratnakar Barde, Usha Arun
Tari, Manish Kalidas Gandhi, Chandrasen Ganpatrao Bhise and Ramakrishnan not to
launch any new schemes and submit the full inventory of assets obtained through
the money raised by Pancard Clubs. The regulator SEBI has also instructed
Pancard Clubs not to divert any funds raised to date and furnish details sought
by the regulator within 15 days.
The company, earlier
had raised Rs. 3,096 crore from the public. In an interim order on recenlty,
SEBI found Pancard Clubs and its directors prima facie guilty of running a
collective investment scheme.
The firm, in its
submissions, had said it is in the business of marketing time share products -
room nights - of its hotels and other hotels outside its group at a fixed
tariff during the contracted tenure of the holiday options.
At the end of the
tenure, applicants had the option of surrendering their unutilised room night
entitlements and obtain estimated market value for the repurchased room nights
or / provide them any products of the group or / gift it to their family or /
friends.
The directions come
into effect immediately.
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