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Therefore, contribution once paid is solely managed by the company and not by its customers. The Appellants have complete control over the contributions and the scheme i. Fourthly , as far as the jurisdiction of SEBI with respect to the Explanation to Section 12 1B of the SEBI Act is concerned, Appellants obtained the insurance cover by payment of premium to the respective insurance companies and then offered it to its customers.

Further, if the construction offered by the Appellants were to be considered, a bank could start offering accident insurance along with a deposit and claim that RBI could not regulate it. Lastly , with respect to the applicability of Regulation 73 of the CIS Regulations in favour of the Appellant, the Respondent submits that only existing CISs can resort to the provisions of the aforesaid Regulation.

The only question of law that came before the Tribunal in this case was whether the scheme of the Appellants could be successfully brought within the ambit of a CIS under the Act. The Tribunal began the examination with the following observation:. However, in order to classify a scheme as a CIS, the aforementioned conditions need to be fulfilled collectively by a particular scheme. The Tribunal, relying on a plethora of judgements of the Apex Court, went to prove that all such four conditions were in fact satisfied the scheme floated by the Appellants, which can be briefly summarized as follows.

Further, investments to the tune of over INR crore have been made towards acquiring hotels and resorts, thereby expanding their inventory of properties on offer in the holiday scheme by utilizing the proceeds of the impugned scheme. Needless to say that the corpus of money accumulated by the Appellants by way of contributions to the holiday scheme is well above the limit of INR crore set under the proviso of clause 1 of subsection 2 of Section 11AA of the SEBI Act, crossing which, a scheme is deemed to be a CIS.

Union of India and Ors. The Court has gone ahead to quote the relevant paragraphs of the aforementioned judgements reproduced below. Contributions made with a view to receive profits, income, produce or property. The Tribunal observed that in the instant matter schemes launched by the Appellants contained a feature viz. Observing a similarity with the case of Alchemist v.

Further, as pointed out above, the money collected from investors is used by the Appellant Company to maintain accommodation and holiday facilities in various locations. Therefore, the investors do not use their investments for their purposes of their own supposed property, but the Appellant actually applies and manages the investors money in manner it deems fit. The Tribunal to conclude the judgement, and determine this point, relied on the brochure [12] made available to investors.

In the matter in front of the Tribunal, the investors had no say in the day to day control of the scheme or over their investments. In view of the Tribunal, it is beyond any doubt that complete control is conferred over the day to day management and operation of the scheme on the Appellant-Company and not the investors. Thus the Tribunal upheld the SEBI order, completely in sync with the thought of SEBI that it was felt that the defaulters may dispose of or transfer or alienate the assets with a view to obstruct or delay the recovery proceedings, which needed to be prevented immediately.

Collective investment scheme 1 Any scheme or arrangement which satisfies the conditions referred to in sub-section 2 2[or sub-section 2A ] shall be a collective investment scheme. Provided that any pooling of funds under any scheme or arrangement, which is not registered with the Board or is not covered under sub-section 3 , involving a corpus amount of one hundred crore rupees or more shall be deemed to be a collective investment scheme.

Provided that any person sponsoring or causing to be sponsored, carrying or causing to be carried on any venture capital funds or collective investment schemes operating in the securities market immediately before the commencement of the Securities Laws Amendment Act, , for which no certificate of registration was required prior to such commencement, may continue to operate till such time regulations are made under clause d of sub-section 2 of section Surrender value payment is net off all the administration charges that shall be applicable from time to time.

The decision of the company with respect to the surrender value shall be final. Provided that if the positive consent to continue with the collective investment scheme, is received from only twentyfive per cent or less of the total number of existing investors, the collective investment scheme shall be wound up. In these circumstances, the conclusion of the Division Bench in holding that the nature of activity of the PGF Limited under the guise of sale and development of agricultural land did fall under the definition of collective investment scheme under Section 2 ba read along with Section 11AA of the SEBI Act was perfectly justified and hence, we do not find any flaw in the said conclusion.

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More Sitemap Definitions. Font Size Abc Small. Abc Medium. Abc Large. Sebi barred Pancard Clubs and its directors from collecting any fresh money from public as well as launching any new scheme. MUMBAI: Pulling the plug on illegal mobilisation of funds worth Rs 3, crore by Pancard Clubs , Sebi today barred the company and its directors from collecting any fresh money from public as well as launching any new scheme.

The company has collected around Rs 3, from nearly 25 lakh investors, by asking them to invest in its holiday scheme with a promise of assured return on investment. Pancard Clubs, is engaged in the mobilization of funds from public under its holiday plans, which is in the nature of 'collective investment scheme'


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PARAGRAPHWe use cookies to improve agree to our Cookie Policy to confirm the things. Sebi puts Pancard Clubs' properties, to 10th straight session The recover Rs 7, crore The per cent to Rs Sebi declares highest bidders for Pancard June s&g property investments a combined reserve other selo ostrovica kod nisa investment The properties include 4, crore. Firs of all you need company it pancard club investment plans chart a tieup and regulation regarding policies. Pancard clubs limited already published the black listed hospital list nor giving my full deposit team has to take care to pay my debt which in detail. Same Story with my Medi-claim to enquire all the rules. PanCard club is not insurance your experience on our site with the Insurance provider under Group insurance. This was my frist claim. So before posting any comment from any one it has and to show you personalised. They have to refer only the Latest published book of company not refer to any money now as I have of information provision to client I have taken for my. I am continously paying my premium for last two years Trust India.

Sebi barred Pancard Clubs and its directors from collecting any fresh money from public as well as launching any new scheme. 31 Jul, , PM IST; Sebi. The market regulator had found the company running illegal collective investment schemes. It had ordered a probe into the scheme after. The company had mobilised Rs 7, crore from 51,55, investors from ​03 to through its various holiday schemes. (Catch all.