Mandatory registration of a Co. with SEBI if it sells proportionate indivisible share of land to var

CL : Where appellant-company, under pretext of real estate business, sold proportionate undivided share of certain land to customers assuring high returns in form of profits which may be immovable property; money received from customers was pooled and utilised for all land owned by appellant in general; and management of property was exclusively in hands of appellant, it was under an obligation to apply for registration with SEBI as per requirements laid down in CIS Regulations and SEBI Act