Order in the matter of M/s. Sai Prasad Corporation Limited and Structures Pvt. Ltd and its directors

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Whole Time Member, SEBI, Shri Prashant Saran, has passed an order February 01, 2016 in the matter of M/s. Sai Prasad Corporation Limited wherein the company and its directors, namely Mr. Balasaheb K. Bhapkar, Mr. Shashank B. Bhapkar and Ms. Vandana B. Bhapkar (hereinafter referred to as “the entities” have been inter-alia directed:

1. to wind up the existing Collective Investment Schemes and refund through ‘Bank Demand Draft’ or ‘Pay Order’, the money collected by the said company under the schemes with returns which are due to the investors as per the terms of the offer, within a period of three months from the date of this Order.
2. not to alienate or dispose off or sell any of the assets of Sai Prasad Corporation Ltd except for the purpose of making refunds to its investors as directed above.
3. to restrain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the schemes which have been identified as a Collective Investment Schemes in this Order.
4. to restrain from accessing the securities market, and are prohibited from buying, selling or otherwise dealing in securities market, for a period of four years.
5. to provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form.

The company has been found to have launched collective investment schemes, as defined in Section 11AA of the SEBI Act, without obtaining certificate of registration from SEBI.

The full text of the order is available on the website: www.sebi.gov.in