The project, Cosmos City in sector 103 on Dwarka Expressway, was launched by Adel Landmarks (formerly Era Landmarks) in 2011. Later on Ansal launched its flagship Highland Park project on the land and has completed 20% of the construction besides starting bookings.
Investors after SEBI caution is in absolute trauma and worried about their investment in Adel Landmarks’ Cosmos City project in sector 103, Gurgaon and other projects launched by ERA Group.
Shri S. Raman, Whole Time Member, SEBI, has passed an order on June 05, 2014 in the matter of M/s Adel Landmarks Limited (formerly known as M/s Era Landmarks Limited). The order directed the company and its directors viz. Mr. Sumit Bharana, Mr. Arvind Kumar Birla, Ms. Manisha Bharana, Mr. Rakesh Kumar Gupta, Ms. Rashmi Bharana and its former directors viz. Mr. Sanjay Chawla, Mr. Hem Singh Bharana, Mr. Ishwar Singh Gulia, Mr. P.P.Mainra, Mr. Krishna Kant, Mr. Amarjit Gupta, Mr. Anil Kumar Mehta, Mr. J.L.Khushu, Mr. Bijander Singh, Mr. A.K.Seth, Mr. B.K.Vinayak and Mr. N.V.Singh; not to collect any fresh money from investors under its existing scheme; not to launch any new schemes or plans; to immediately submit the full inventory of the assets owned by M/s Adel Landmarks Limited; not to dispose of any of the properties or alienate the assets of the existing scheme; not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of M/s Adel Landmarks Limited; to furnish all the information/details sought by SEBI including details of amount mobilized and refunded till date, scheme wise list of investors and their contact numbers and addresses, and PAN of its Directors, within 15 days from the date of receipt of the Order.
Now SEBI vide its press release number PR 11 of 2015 has issued advisory that other than “GIFT Collective Investment Management Company Limited” no other entity is registered with SEBI under the CIS Regulations. If any of the following entities are found to be collecting / mobilising money, investors are advised not to subscribe to such schemes and to report the same to SEBI, State authorities including Police authorities immediately, along with appropriate details / documents.
*Exact statement is reproduces hereunder:
“It has been observed that certain entities collect / mobilize money under existing / new schemes even after SEBI has directed such entities not to collect any further money, not to launch any new schemes, etc. These companies / entities without obtaining registration are illegally collecting / mobilising money, from investors by making false promises, assuring unrealistic return, etc.
Wherever SEBI has found schemes offered by these entities, to be in the nature of Collective Investment Schemes (CIS), appropriate actions have been taken against the entity/ies and its Directors. In this regard, since January 01, 2011, SEBI has passed orders against 63 entities and its Directors, for carrying on unregistered CIS. As part of interim directions, SEBI directs the entities and its Directors to stop collecting further money under existing / new schemes, not to launch any new scheme or float any new companies/firm to raise fresh money, not to divert or alienate any assets or money collected etc., and through final directions SEBI debars the company and its Directors from accessing the Capital markets, etc. List of the Companies against whom orders have been passed by SEBI is given below with this press release. The orders are also available on SEBI website at www.sebi.gov.in6
Investors and general public are hereby cautioned that other than “GIFT Collective Investment Management Company Limited” no other entity is registered with SEBI under the CIS Regulations. If any of the following entities are found to be collecting / mobilising money, investors are advised not to subscribe to such schemes and to report the same to SEBI, State authorities including Police authorities immediately, along with appropriate details / documents”.*
