Tuesday, October 6, 2015

Orissa, Tripura, Assam are on hotlist/blacklist by SEBI/RBI fraud investment companies

Most of these CHIT funds, money market companies operating in Bengal, Bihar, Jharkhand,

Orissa, Tripura, Assam are on hotlist/blacklist by SEBI/RBI

Aashray International
Abyss Assam Group Co
Adorable group
Aishwarya group
Alchemist Group
Alliance Vision Marketing
Annex Infra
Apurba group
Arya Mass Parivar
Aryarup
Aspen/Amez
Baishakhi group
Bardhaman Sunmarg
Basil International
Basil International Ltd
Daffodils Group of Companies
Digstar projects
Fortuneer
G group
GAML
Icore
Infinity realcon
Jeevan Suraksha
Kalpataru
KP Group Gujrat
Leaps and Bounds
Mangalam Group
Maple Infra
MPA group
MPS
Natureway Network Marketing
NVD
Pancard Club
Paras marketing
Prayag Group
Qnet
Rahul Group
Remac India
Rose Valley
Sabyasachi group
Sahara
Saradha Group
Smart Bengal
Sumangal Potato Schemes
Sunmarg
Suraksha
Suzlon
Swargabhumo Siliguri
Swarna Infra
Tower Group
Unipay 2 U
URO group
Vibgyor Group

SEBI suspends Pancard Clubs’ time share scheme

Instructs firm not to divert any funds raised to date and furnish details sought by the regulator within 15 days

MUMBAI, JULY 31: 
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 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 ₹3,096 crore from the public. In an interim order on Thursday, SEBI found Pancard Clubs and its directors prima facie guilty of running a collective investment scheme.

The company, 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.

(This article was published on July 31, 2014)

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