Maitreya Plotters and Structures (MPSPL) and its directors, Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar have been banned from collecting money from investors under existing schemes. The directions take effect immediately and this order shall also be treated as a show cause notice, said SEBI. MPSPL and its directors have been given 15 days to file their reply or avail themselves a personal hearing.
SEBI found the duo running a collective investment scheme in the guise of scheme towards booking or purchase of plot of land. SEBI said that the scheme appeared to have all the ingredients of a ‘collective investment scheme’ as defined the SEBI Act.
They have been directed not to launch any new scheme, not to sell or alienate any asset/property and not to divert any funds raised from public which are kept in bank account(s) and/or in the custody of MPSPL.
SAT had upheld the SEBI order (passed in March) against the company and its directors in July and had directed the company to pay the amount within six months. However, SAT has extended the time given to Maitreya Services to 18 months, for refunding the money in its recent order on Thursday.
Maitreya was found by SEBI to have collected more than Rs 700 crore from over 20 lakh investors.