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SEBI Imposes Rs 1 Crore Penalty on IHI Developers, Directors

In an order, SEBI said that the firm and the directors were engaged in fund mobilising activity from the public through investment contracts by floating or sponsoring or launching collective investment schemes (CIS) without having registration with the market regulator.

PTI

Updated:December 29, 2017, 11:33 PM IST
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SEBI Imposes Rs 1 Crore Penalty on IHI Developers, Directors
File photo: The logo of the Securities and Exchange Board of India (SEBI) is seen on the facade of its headquarters building in Mumbai. (Image: Reuters/Shailesh Andrade)
New Delhi: Markets regulator SEBI on Friday imposed a penalty of Rs 1 crore on IHI Developers India and its four directors for illegally garnering money from the public by floating various plans for sale and purchase of land.

The directors are Harjit Singh, Ranjit Kaur, Kulbir Singh and Sanjeev Kumar.

In an order, the regulator said that the firm and the directors were engaged in fund mobilising activity from the public through investment contracts by floating or sponsoring or launching collective investment schemes (CIS) without having registration with SEBI.

The firm and its directors, as per the order, violated the CIS Regulations.

SEBI had received a complaint dated October 7, 2011 against IHI alleging that the company had been raising funds from investors in the name of sale of land and that it did not have any land in its name. It was mentioned in the complaint that the company was also operating in the name of Imbowers Housing and Infrastructure, according to the order.

The regulator also noted that it had passed an order in August 2015 against the firm and its directors, directing them to abstain from collecting any money from the investors or carrying out any collective investment schemes and to wind up the existing schemes and refund the money collected from the investors.

There is nothing on record to show that the firm and its directors complied with its directions, the Securities and Exchange Board of India (SEBI) said.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Bijaya Das
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