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CO/437/CIS/01/2003
SECURITIES AND EXCHANGE BOARD OF INDIA
DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT, 1992 READ WITH REGUALTIONS 65 & 73 OF SEBI (COLLECTIVE INVESTMENTS SCHEMES) REGULATIONS, 1992 ISSUED TO:
M/S SHIVAJI ESTATE LIVESTOCK AND FARMS PVT. LTD., NAGPUR
M/S SHIVAJI ESTATE LIVESTOCK AND FARMS PVT. LTD., having its Registered Office at 14, Hindustan Colony, Amravati Road, Nagpur (hereinafter referred to as ‘the company’) had applied for registration under the provisions of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the ‘said Regulations’). However, the said application was rejected by SEBI as the company had failed to fulfil the requirements of Regulation 70 (1)(b) & (c) of the said Regulations.
This rejection of application was communicated to the company vide SEBI’s letter dated 21.06.2001 and in terms of Regulation 73(1)(b) the company was advised to wind up its existing scheme(s) and make repayments to investors in terms of Regulation 73. The company was also directed to send the Information Memorandum (IM) to the investors, who had subscribed to the scheme(s) within two months from the date of receipt of the aforesaid intimation from SEBI in terms of Regulation 73(2). Further, in terms of Regulation 73, the company was advised to submit "winding up and repayment report" in the SEBI’s specified format so that the said report may reach SEBI within 3½ months of the date of Information Memorandum.
However, the report submitted by the company was not found to be in conformity with the format specified by SEBI.
As the company failed to comply with the aforesaid provisions / requirements, I, in exercise of powers conferred upon me under Section 11B of SEBI Act, read with Regulation 65 of the Regulations, vide my order dated 11.10.2002 had directed the company to refund the money collected under its schemes with returns, which is due to the investors, as per the terms of the offer, to all the investors who have not given positive consent to continue with their schemes, within a period of one month from the date of the order and submit the "Winding up and Repayment Report" strictly in the format as specified by SEBI within 15 days thereafter.
The company was further directed that in case it is unable to repay any of the investors for reasons such as non availability of the current address of those investors or for any other reason whatsoever, the company shall place the amounts payable to each of such investors in separate Fixed Deposits (FDs) for a period of 60 months with any Scheduled Bank. It was also directed to furnish the copy of the receipts of the said FDs along with an affidavit to SEBI duly certified by the statutory auditors of the company stating that the FD receipts would not be alienated or used in any manner whatsoever accept to repay the concerned investors as and when they approach the company.
Vide said order the company was forewarned that in case of non compliance of these directions, various actions mentioned in the said order would be considered including that the company/its promoters/its directors/its managers/persons in charge of the business of its schemes would be debarred from operating in the capital market and from accessing the capital market for a period of 5 years.
The company however has failed to comply with the aforesaid directions and has neither repaid to the investors in terms of the said directions nor has filed an affidavit in terms of the order.
Now, therefore, in terms of the directions dated 11.10.02 and in exercise of powers conferred upon me under Section 11B of the SEBI Act, 1992 read with Regulation 65 of the Regulations, I, hereby debar the company / its promoters / directors / its managers/ persons in charge of the business of its scheme (s) (whose names are mentioned in the Annexure) from operating, including buying, selling or otherwise dealing in the securities market for a period of five years from the date of this order.
In case however, any aggrieved person, whose name is mentioned in the enclosed Annexure, was not aware of the previous order and the warning issued vide said order and was not responsible for the conduct of the business of the company, may apply in writing, within 15 days, from the date of the order, with all the supporting documents, to SEBI.
This is without prejudice to SEBI’s right to take any other action as it may deem fit.
Place :Mumbai G. N. BAJPAI
Date :6.1.03 CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA
Names of Promoters/Directors:
- Shri Anil Damodar Bharatey,
230, Gandhi Nagar, Nagpur
- Shri Aba Krishnarao Bhoge,
15, Deendayal Nagar,
Nagpur
- Shri Kishangopal Pandhurang Khawale,
Chinchbhavan, Vardha Rd,
Nagpur
- Shri Radheshyam Pandhurang Khawale,
Chinchbhavan, Vardha Rd,
Nagpur
- Shri Raju Sukhanand Pinjarkar,
175, Ganesh Nagar
Nagpur
- Shri Preshit Anil Bharety, Director
230, Gandhinagar
Nagpur- 440 010.
- Shri Joy Mukherjee, Director
Blue Heaven Society,
2nd Floor, 3/203, Rebello Road,
Bandra (W)
Mumbai- 400 050.
- Shri Viren Narkar
D-15, Himali Co-op. Housing Soc.
Erandwana,
Pune- 411 004.
- Shri Arif Merchant
Krutika Apartment,
Lane no. 9, Dahanukar Colony,
Kothrud,
Pune- 411 029.
- Shri Saurav S. Landge
G-1-B Sabina, B. Rajan Road,
Bandra (W)
Mumbai
- Shri J. Rajendra Prasad
G-1-B Sabina, B. Rajan Road,
Bandra (W)
Mumbai
- Shri Veeresh S. Karnik
12/179, Kannamwar Nagar
Vikhroli (East)
Mumbai- 400 083.
Names of Managers/Persons in-charge of business of the schemes
- Dr. S.N. Deshmukh, Project Director
10, Renuka Layout
Yashoda Nagar
Hingana Road, Nagpur
- Dr. Jayant Honmode, Project Director
11, University Quarters,
Amravati Rd, Nagpur
- Dr. M.I. Ahmed, Veterinary & Animal Husbandry Professional
C/o G.R. Fani
Old City, Akola
- Dr. Nitin H. Fuke, Veterinary & Animal Husbandry Professional
120, Aashirwad
Shankar Nagar, Nagpur
- Dr. Shirish Mirashi, Veterinary & Animal Husbandry Professional
596, Aashirwad Nagar
Nagpur
- Dr. Waqar Ahmed Khan, Veterinary & Animal Husbandry Professional
62, Teachers Colony
Jafar Nagar, Nagpur
- Shri Babulal Thakur, Agriculture Officer
Ubagi P.O. Ghorad
Dist: Nagpur
- Shri Namdeo Mane Chargaon, Agriculture Officer
P.O. Ghorad
Tal: Katol
- Shri P.K. Dhodapkar, Dy. Gen Manager (Honorary)
- Shri Manikyam D. ,General Manager
- Shri Lal Tahilramani, Manager, Accts. & Admn.
- Shri Ruben Roy, Manager
- Shri Narendra Gurve, Civil Construction Engineer
29, Ravindra Nagar
Nagpur
- Shri R. Ramarao, Project Manager
- Shri B.S. Soman, General Manager, Finance & Company Affairs
- Mr. B.K. Patil, Agronomist
- Shri Sanjay B., Farm Manager
- Dr. Rajendra Dabhade, Vet. Officer
- Shri Girish Naidu, Farm Manager
- Mr. Utpal Def, Branch Manager
- Ms. Sangeeta Rao, Marketing Officer
- Shri Itkikar Ravi, Manager- EDP
- Shri Kulkarni Pramod, Asst. Manager (Pur. & Proj.)
- Smt. Apte Sharmilla, Officer- Personnel
- Shri Nair Rajesh, Manager- Accounts
- Shri Pillay Sudesh, Manager (Personnel)
- Shri Sanjay Gurav, Branch Manager
- Shri Ajit Shinde, Branch Manager
- Shri Rahul Kore, Branch Manager
- Shri Rakesh Kadhi, Branch Manager
- Shri Pinaki Mukherjee, Branch Manager
- Shri Prakash Shinde, Technical Officer
- Shri Bhalchandra Aranke, Accounts Officer
- Shri Yuvraj Patil, Site Engineer
34. Shri Prakash Shinde, Technical Officer
35. Shri Shyam Khurode, Accounts Manager
36. Shri Deepak Gosavi, Personnel Manager
37. Shri Shivaji Sonone, Purchase Officer