Acting on a strong allegation received in 2010, the Securities and Exchange Board of India (SEBI) took a tough stance against Servehit Housing & Infrastructure India. The market regulator prevented the latter from taking money from public as certain evidences have surfaced during the preliminary enquiry on illegal utilization of public funds by directors of Servehit Housing & Infrastructure India.
Servehit Housing & Infrastructure India is managed by Rajender Kumar, Satish Kumar, Surjeet Kumar and Balbir Singh Saini.
It has been intimated about 15-days of time to act on the decision by SEBI. Further action would happen after that, says SEBI.
What does the complaint say?
Looking into the allegation in detail, SEBI had received a complaint in Februray 2010 against Servehit Housing & Infrastructure India that the firm is involved in unauthorized mobilization of public money through the so-called collective investment schemes or the CIS. The probe was initiated soon after the issue came into notice, and took almost three years.
The ban will also prevent Servehit from diverting the received money and disposing off properties and other assets through the alleged scheme. With the latest happenings, other schemes managed by Servehit are also under the scanner.
The amount involved in the allegation is massive, say the people in authority. The company has several branches in Rajasthan, Punjab and Haryana and is quite a familiar name in the real estate sector.
How did the Servehit plan came into being?
Servehit introduced a scheme which is simply termed as “buying, maintaining and selling of plots”. The seemingly lucrative scheme came with numerous plots with exceptional possibilities of future returns. The company was devoid of the necessary approval by SEBI, and the returns were hyped up. The company managed to execute the scheme in a tactful way, and many fell prey to the lucrative offers from Servehit, but not anymore, thanks to the timely intervention by SEBI.
Servehit Housing & Infrastructure India is managed by Rajender Kumar, Satish Kumar, Surjeet Kumar and Balbir Singh Saini.
It has been intimated about 15-days of time to act on the decision by SEBI. Further action would happen after that, says SEBI.
What does the complaint say?
Looking into the allegation in detail, SEBI had received a complaint in Februray 2010 against Servehit Housing & Infrastructure India that the firm is involved in unauthorized mobilization of public money through the so-called collective investment schemes or the CIS. The probe was initiated soon after the issue came into notice, and took almost three years.
The ban will also prevent Servehit from diverting the received money and disposing off properties and other assets through the alleged scheme. With the latest happenings, other schemes managed by Servehit are also under the scanner.
The amount involved in the allegation is massive, say the people in authority. The company has several branches in Rajasthan, Punjab and Haryana and is quite a familiar name in the real estate sector.
How did the Servehit plan came into being?
Servehit introduced a scheme which is simply termed as “buying, maintaining and selling of plots”. The seemingly lucrative scheme came with numerous plots with exceptional possibilities of future returns. The company was devoid of the necessary approval by SEBI, and the returns were hyped up. The company managed to execute the scheme in a tactful way, and many fell prey to the lucrative offers from Servehit, but not anymore, thanks to the timely intervention by SEBI.
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