SEBI VS PACL: Trouble in Paradise

With the recent crackdown on Pearls Group by SEBI to clamp down its business activities has also been asked to refund investors within three months and wind up operations.
From a mere milkman near Attari border in Punjab to the owner of 1.83 lakh acres of land around the country is a story similar to that of Sahara Group’s Subrata Roy Sahara. Till date none of the investors had filed any compliant against Mr. Nirmal Singh Bhangoo, the man behind the success of PACL. So what went wrong? Why SEBI is after PACL? Is PACL really involved in some Ponzi Scheme?
Would the Company like PACL, Sahara, Rose Valley etc. have any legal viable option to continue their business within the framework of our laws?? Yes they have though fewer option but they do have options

1. EquiCorp Associates
Advocates & Solicitors
Trouble In Paradise
www.equicorplegal.com
Trouble In Paradise

2. From Milkman to Business
Tycoon
Injustover30years,
NirmalSinghBhangoo,
themanbehindPearls
AgrotechCorporation
Limited(“PACL”)who
usetosellmilknear
AttariborderinPunjab
becametheownerof
1.83lakhacresofland
aroundthecountry.
Acharismaticbusiness
manwhomilkedsmall
investorstomake
Pearl(s)andalwayskept
hisinvestorssatisfied.
Injustover30years,
NirmalSinghBhangoo,
themanbehindPearls
AgrotechCorporation
Limited(“PACL”)who
usetosellmilknear
AttariborderinPunjab
becametheownerof
1.83lakhacresofland
aroundthecountry.
Acharismaticbusiness
manwhomilkedsmall
investorstomake
Pearl(s)andalwayskept
hisinvestorssatisfied.
www.equicorplegal.com

3. Trouble in Paradise
Initsbiggest-evercrackdownonalarge-scalemoneypoolingscheme
estimatedatnearlyRs.50,000crore(twicetheamounttoberecover
fromSAHARAgroup),regulatorSEBIhasorderedPACLtorefund
investorswithinthreemonthsandwindupoperations.
SEBIhadfoundPACLviolatingCollectiveInvestmentScheme
Regulationsbymobilizingthemoneywithoutbeingregisteredwiththe
regulator,SEBI.
Besides,closureofPACLoperations,SEBIisinitiatingfurther
proceedingsagainstPACLanditsninepromotersanddirectorsfor
fraudulentandunfairtradepractices,asalsoforviolationofSEBI'sCIS
Regulations,amongothers,asperadirectionfromtheSupremeCourt.
Initsbiggest-evercrackdownonalarge-scalemoneypoolingscheme
estimatedatnearlyRs.50,000crore(twicetheamounttoberecover
fromSAHARAgroup),regulatorSEBIhasorderedPACLtorefund
investorswithinthreemonthsandwindupoperations.
SEBIhadfoundPACLviolatingCollectiveInvestmentScheme
Regulationsbymobilizingthemoneywithoutbeingregisteredwiththe
regulator,SEBI.
Besides,closureofPACLoperations,SEBIisinitiatingfurther
proceedingsagainstPACLanditsninepromotersanddirectorsfor
fraudulentandunfairtradepractices,asalsoforviolationofSEBI'sCIS
Regulations,amongothers,asperadirectionfromtheSupremeCourt.
www.equicorplegal.com

4. PACL Business Activities
PACLofferedtwokindsofplanstoitscustomers—acash-downpaymentplan
andaninstalmentpaymentplan.Undertheformer,itofferedtoallotlandto
customerswithin270daysofpaymentandunderthelatterwithin90days.In
fact,businessmodelofPACLisn’tverycomplicated.Itcollectsmoneyfrom
investorsandinvestsincheaplandwhichislikelytoseechangesinenduse.
Oncethathappens,thecheaplandbecomesagoldminethatPACLmonetizesto
payinvestors12.5%interest.
Atpresent,itisbeingestimatedthatPACLhasmorethan58.5million
customers,morethantwicethe22milliondemataccountsintheentirecountry
andhaspaidcommissionofRs7,893.8croreuptoMarch2012tomorethanits
8lakhagentswhoworksasnetworkofchainsystemforcollectionofpublic
depositinreturnforattractivecommissionsondepositsbroughtinbythemand
otheragentslinkedtotheminchain.PACLisyettoallotlandto46.3million
investorswhereasPACLclaimeditwasinthebusinessofpurchasingand
developingland,addingthedevelopedlandwastransferredtoinvestors,who
couldsellitforgains.
PACLofferedtwokindsofplanstoitscustomers—acash-downpaymentplan
andaninstalmentpaymentplan.Undertheformer,itofferedtoallotlandto
customerswithin270daysofpaymentandunderthelatterwithin90days.In
fact,businessmodelofPACLisn’tverycomplicated.Itcollectsmoneyfrom
investorsandinvestsincheaplandwhichislikelytoseechangesinenduse.
Oncethathappens,thecheaplandbecomesagoldminethatPACLmonetizesto
payinvestors12.5%interest.
Atpresent,itisbeingestimatedthatPACLhasmorethan58.5million
customers,morethantwicethe22milliondemataccountsintheentirecountry
andhaspaidcommissionofRs7,893.8croreuptoMarch2012tomorethanits
8lakhagentswhoworksasnetworkofchainsystemforcollectionofpublic
depositinreturnforattractivecommissionsondepositsbroughtinbythemand
otheragentslinkedtotheminchain.PACLisyettoallotlandto46.3million
investorswhereasPACLclaimeditwasinthebusinessofpurchasingand
developingland,addingthedevelopedlandwastransferredtoinvestors,who
couldsellitforgains.
www.equicorplegal.com

5. SEBI VS PACL
SEBIclampsdownthebusinessactivitiesofPACLcategorizingthe
collectionofpublicdepositsunderthegarbofallotmentoffarmlandto
depositorswithoutanymaintenanceofproperrecords/dataandwithout
registrationofitsschemewithSEBIunderCollectiveInvestment
SchemeRegulationsanddeclaretheactivitiesofPACLareinthenature
ofaPonzischeme.
SEBIwillmakeareferencetothestategovernmentsandlocalpoliceto
registercivilorcriminalcasesagainstPACL,itspromoters,directors
andmanagersforfraud,cheating,criminalbreachoftrustand
misappropriationofpublicfundsifthemoneyisnotrefunded.SEBIwill
alsoinitiateattachmentandrecoveryproceedingsifthemoneyisnot
refundedtothepublicwithinthedeadlinesetbyit.
SEBIclampsdownthebusinessactivitiesofPACLcategorizingthe
collectionofpublicdepositsunderthegarbofallotmentoffarmlandto
depositorswithoutanymaintenanceofproperrecords/dataandwithout
registrationofitsschemewithSEBIunderCollectiveInvestment
SchemeRegulationsanddeclaretheactivitiesofPACLareinthenature
ofaPonzischeme.
SEBIwillmakeareferencetothestategovernmentsandlocalpoliceto
registercivilorcriminalcasesagainstPACL,itspromoters,directors
andmanagersforfraud,cheating,criminalbreachoftrustand
misappropriationofpublicfundsifthemoneyisnotrefunded.SEBIwill
alsoinitiateattachmentandrecoveryproceedingsifthemoneyisnot
refundedtothepublicwithinthedeadlinesetbyit.
www.equicorplegal.com

6. www.equicorplegal.com

7. Is PACL involved in Ponzi
Scheme?

8. Is PACL involved inCollective
InvestmentScheme?
Aninvestmentscheme
whereinseveralindividuals
cometogethertopooltheir
moneyforinvestingina
particularasset(s)andfor
sharingthereturnsarising
fromthatinvestmentasper
theagreementreached
betweenthempriorto
poolinginthemoney
Aninvestmentscheme
whereinseveralindividuals
cometogethertopooltheir
moneyforinvestingina
particularasset(s)andfor
sharingthereturnsarising
fromthatinvestmentasper
theagreementreached
betweenthempriorto
poolinginthemoney
www.equicorplegal.com

9. Now,themostbasicquestionswhicharises,hasPACLbeenaltogether
involvedinPonziSchemeoritwasfailureonpartofPACLtogetits
schemeregisteredwithSEBIunderCollectiveInvestmentScheme
Regulations?HasPACLcheatedanyofitsinvestortilldate?
Thoughatthismomentwemaynothaveallanswers,howeverfew
thingsareveryclear:
i.TheCollectiveInvestmentSchemeoperatedbyPACLwasnotregistered
withSEBI;
ii.Therearemorethan46.31millioncustomerstowhomPACLisyettoallot
land
Today,manycompaniesespeciallyinsemi-urbanandruralareasare
acceptingdepositsintheirfirm’snameandalsopromisingtwotothree
timesreturnsintwotofouryearswithouttakinganylegalpermissions
andtherewascardinalmistakesbyPACLgroupthatoftenoperatedin
theregulatorytwilightzone.Ashadowyempiregivingupclosely
monitoredfinancialservicestoslowlyventureintorealestatewouldnot
havenecessarilydrawntheattentionofunfriendlypoliticiansandano-
nonsenseSEBI.
Now,themostbasicquestionswhicharises,hasPACLbeenaltogether
involvedinPonziSchemeoritwasfailureonpartofPACLtogetits
schemeregisteredwithSEBIunderCollectiveInvestmentScheme
Regulations?HasPACLcheatedanyofitsinvestortilldate?
Thoughatthismomentwemaynothaveallanswers,howeverfew
thingsareveryclear:
i.TheCollectiveInvestmentSchemeoperatedbyPACLwasnotregistered
withSEBI;
ii.Therearemorethan46.31millioncustomerstowhomPACLisyettoallot
land
Today,manycompaniesespeciallyinsemi-urbanandruralareasare
acceptingdepositsintheirfirm’snameandalsopromisingtwotothree
timesreturnsintwotofouryearswithouttakinganylegalpermissions
andtherewascardinalmistakesbyPACLgroupthatoftenoperatedin
theregulatorytwilightzone.Ashadowyempiregivingupclosely
monitoredfinancialservicestoslowlyventureintorealestatewouldnot
havenecessarilydrawntheattentionofunfriendlypoliticiansandano-
nonsenseSEBI.
www.equicorplegal.com

10. Past Perfect-NirmalSingh
Bhangoo & Subrata Roy Sahara
Run Similar Business
Structure i.e. raising public
deposit via unregistered CIS
Involved in Realty projects
and hotels
Interests in Sports.
PACL-Sponsored IPL teams & Kabaddi
tournaments
Sahara-Indian Cricket team, owned F1
& Pune IPL team
Runs news channels &
businesses are in the hands of
a few trusted men, mainly
family members
www.equicorplegal.com

11. Wayout
Afterthefirstroundofbattle,whereSEBIhasorderedPACLtorefundRs.
49,100croretoitsinvestors,PACLisgettingreadyforsecondroundandto
knockonSecuritiesAppellateTribunal(“SAT”)againstSEBIsorder.The
wholebattlebetweenSEBIandPACLisontheissuethatwhetherthe
businessactivitiesofPACLcomeswithintheambitofCISornot?However,
inmiddleofthisbattle,therearemillionsofsmallinvestorswhohadbeen
exposedtohighdegreeofrisk,whomayloseeverythingifPACLshrinks.
Isthereanyway-outtoregulatetheirmicrofinancebusiness/raisingpublic
depositsinrealestate??Thoughtherearenotmanylegaloptionsavailable,
however,PACLcouldhaveregisteredtheirpublicraisingschemesinreal
estateunderCollectiveInvestmentSchemewithSEBI.
In near future wecan expect further crackdown on other companies engaged
in similar activities like PACL.
Afterthefirstroundofbattle,whereSEBIhasorderedPACLtorefundRs.
49,100croretoitsinvestors,PACLisgettingreadyforsecondroundandto
knockonSecuritiesAppellateTribunal(“SAT”)againstSEBIsorder.The
wholebattlebetweenSEBIandPACLisontheissuethatwhetherthe
businessactivitiesofPACLcomeswithintheambitofCISornot?However,
inmiddleofthisbattle,therearemillionsofsmallinvestorswhohadbeen
exposedtohighdegreeofrisk,whomayloseeverythingifPACLshrinks.
Isthereanyway-outtoregulatetheirmicrofinancebusiness/raisingpublic
depositsinrealestate??Thoughtherearenotmanylegaloptionsavailable,
however,PACLcouldhaveregisteredtheirpublicraisingschemesinreal
estateunderCollectiveInvestmentSchemewithSEBI.
In near future wecan expect further crackdown on other companies engaged
in similar activities like PACL.
www.equicorplegal.com

12. Intherecentpast,SEBIhasdiscoveredseveralentitiessuchasSahara,RoseValley
etc.beendeployedtoraisecapitalfrominvestorswithoutfollowingtheprescribed
regulatoryframework.Tosafeguardtheinterestofhaplessinvestorsandcurbthe
proliferationofunregulatedschemesbeingoperated,SEBIhasbroughtunderthe
scopeoftheCISRegulationsallsuchschemeslaunchedbyanyoperatorinanyfield
aslongastheyfellwithinthefourcornersofthedefinitionofaCIS.
RecentamendmentstotheSEBIActprovidemorepowerstoSEBIforenforcement
againstunregisteredpoolingvehicles.UndertheamendmentsSEBIhasbeengranted
powerstoregulateanyschemeorarrangement,ifsuchschemeisnotregisteredwith
SEBI,andinvolvesacorpusofINR100Crore(INR1billion)ormore.Thispower
canbeviewedasanattempttolimitanychallengesfrompartiescontendingthata
particularfundraisingactivityisnotcoveredunderthepurviewofCISRegulations
merelybecauseitisnotspecificallycoveredunderSection11AAoftheSEBIAct.
Further,SEBIhasnowbeengrantedtheauthoritytocarryoutsearchandseizure
operationsandattachassetsincaseofnon-compliance.
IfyouareinterestedinfurtherdetailsandinclinedtoknowtheprocedureofCIS
registration,clickonthelinkbeloworcontactus:
http://www.equicorplegal.com/Pdfs/ECA-%20Collective%20Investment%20Scheme.pdf
or contact us [email protected]
Intherecentpast,SEBIhasdiscoveredseveralentitiessuchasSahara,RoseValley
etc.beendeployedtoraisecapitalfrominvestorswithoutfollowingtheprescribed
regulatoryframework.Tosafeguardtheinterestofhaplessinvestorsandcurbthe
proliferationofunregulatedschemesbeingoperated,SEBIhasbroughtunderthe
scopeoftheCISRegulationsallsuchschemeslaunchedbyanyoperatorinanyfield
aslongastheyfellwithinthefourcornersofthedefinitionofaCIS.
RecentamendmentstotheSEBIActprovidemorepowerstoSEBIforenforcement
againstunregisteredpoolingvehicles.UndertheamendmentsSEBIhasbeengranted
powerstoregulateanyschemeorarrangement,ifsuchschemeisnotregisteredwith
SEBI,andinvolvesacorpusofINR100Crore(INR1billion)ormore.Thispower
canbeviewedasanattempttolimitanychallengesfrompartiescontendingthata
particularfundraisingactivityisnotcoveredunderthepurviewofCISRegulations
merelybecauseitisnotspecificallycoveredunderSection11AAoftheSEBIAct.
Further,SEBIhasnowbeengrantedtheauthoritytocarryoutsearchandseizure
operationsandattachassetsincaseofnon-compliance.
IfyouareinterestedinfurtherdetailsandinclinedtoknowtheprocedureofCIS
registration,clickonthelinkbeloworcontactus:
http://www.equicorplegal.com/Pdfs/ECA-%20Collective%20Investment%20Scheme.pdf
or contact us [email protected]
www.equicorplegal.com

13. www.equicorplegal.com

14. Consult the Experts-ECA
Completeassistanceformakingthenecessaryfilings,
applicationsetc.forobtainingSEBI’sapprovaltooperate
asCIMCandtolaunchCIS.
InformaldiscussionwithcontactpersonnelwithinSEBI
soastoperfecttheapplicationbeforethesameis
submitted.
Followupsupportatvariouspointsintimeduringand
afterthependencyoftheapplicationsoastoensurethat
anyadditionaldocuments/recordsrequestedbySEBIis
submittedinasystematicandtimelymanner.
UpdatingCompanyonaregularbasisastothestatusof
thependingapplication.
Completeassistanceformakingthenecessaryfilings,
applicationsetc.forobtainingSEBI’sapprovaltooperate
asCIMCandtolaunchCIS.
InformaldiscussionwithcontactpersonnelwithinSEBI
soastoperfecttheapplicationbeforethesameis
submitted.
Followupsupportatvariouspointsintimeduringand
afterthependencyoftheapplicationsoastoensurethat
anyadditionaldocuments/recordsrequestedbySEBIis
submittedinasystematicandtimelymanner.
UpdatingCompanyonaregularbasisastothestatusof
thependingapplication.
www.equicorplegal.com

15. About Us
EquiCorpAssociates(ECA)isamissiondriven,start-uplawpracticebasedinNew
Delhi,Indiaandfoundedin2012forprovidingaffordableaccesstolegalcounsel
benefittingstart-ups,smallandgrowingbusinesses,socialbusinessenterprises,impact
investorsandnon-profitorganizations.Ourboutiqueserviceofferingsareprimarilyatthe
intersectionofstart-up,sustainabledevelopment,socialenterpriseandinvestment
sectors,designedtohelpclientswadethroughlawsthatwerenotoriginallydesigned
withtheminmind.
ThebasicideabehindstartingECAwastobeapartofIndia’sgrowthbyreachingoutto
novelstart-upsandestablishedbusinesses,andhelpsthemadaptbestglobal
practices/technologiesinlocalconditionsandinadvisingthemaboutlegalaspects
involvedinmodernmarketsinordertokeepourclientsinpacewiththedynamic
competitiveenvironment.
ECAisinstrumentalinadvisingvarioussocialenterprisesandstartupsinsettingup
theirbusinessinIndia.
ECAnotonlyhavingsomeofthebestlegalminds,butthebestbusinessmindstoo:
lawyersareintimatelyfamiliarwiththebusinessenvironment,andknowtheemerging
risksandopportunitiesoftheirindustriesandpracticegroups.
EquiCorpAssociates(ECA)isamissiondriven,start-uplawpracticebasedinNew
Delhi,Indiaandfoundedin2012forprovidingaffordableaccesstolegalcounsel
benefittingstart-ups,smallandgrowingbusinesses,socialbusinessenterprises,impact
investorsandnon-profitorganizations.Ourboutiqueserviceofferingsareprimarilyatthe
intersectionofstart-up,sustainabledevelopment,socialenterpriseandinvestment
sectors,designedtohelpclientswadethroughlawsthatwerenotoriginallydesigned
withtheminmind.
ThebasicideabehindstartingECAwastobeapartofIndia’sgrowthbyreachingoutto
novelstart-upsandestablishedbusinesses,andhelpsthemadaptbestglobal
practices/technologiesinlocalconditionsandinadvisingthemaboutlegalaspects
involvedinmodernmarketsinordertokeepourclientsinpacewiththedynamic
competitiveenvironment.
ECAisinstrumentalinadvisingvarioussocialenterprisesandstartupsinsettingup
theirbusinessinIndia.
ECAnotonlyhavingsomeofthebestlegalminds,butthebestbusinessmindstoo:
lawyersareintimatelyfamiliarwiththebusinessenvironment,andknowtheemerging
risksandopportunitiesoftheirindustriesandpracticegroups.
www.equicorplegal.com

16. ECA’s Network Presence
Delhi/NCR
Dehradun
Jaipur
Allahabad
Guwahati
Mumbai
Bangalore
Our Associated
Office
Kolkata
Hyderabad
Chennai
ECA
www.equicorplegal.com

17. WHY Equi Corp Associates??
•ECAisamultispecialtylawfirm,withitsfoundingpartnershavingavast
experienceforprovidinglegalservicestoavarietyofdomestic&international
clients,corporations,financialentities&governmentagencies.
•Ourrespectedclients-fromindividualstosmallbusinessestoFortune500
companies--turntousfortrustedlegalcounsel.
•ECAisequippedwithrequiredprofessionalsetupofQualified,Experiencedand
Knowledgeablemembers.
•WeadviseandassistNRI’s/PIO’s,ForeignInvestorsandIndianentrepreneurs
withlegalservicesthatenablesthemtocompetewithbestinworldinthe
moderneconomycharacterisedbytechnologybased,venturecapitalfunded,
futuristicbusinessesgovernedbycomplexandeverevolvinglegaland
statutoryframework.
•ECAisalsoeffectiveinprovidingmatchmakingpartner/locatingstrategic
alliance,followupandrepresentationwithGovernmentofIndiaoranyother
incidentalworkrelatedtoinvestmentorlegalguidanceinIndia.
•ECAisamultispecialtylawfirm,withitsfoundingpartnershavingavast
experienceforprovidinglegalservicestoavarietyofdomestic&international
clients,corporations,financialentities&governmentagencies.
•Ourrespectedclients-fromindividualstosmallbusinessestoFortune500
companies--turntousfortrustedlegalcounsel.
•ECAisequippedwithrequiredprofessionalsetupofQualified,Experiencedand
Knowledgeablemembers.
•WeadviseandassistNRI’s/PIO’s,ForeignInvestorsandIndianentrepreneurs
withlegalservicesthatenablesthemtocompetewithbestinworldinthe
moderneconomycharacterisedbytechnologybased,venturecapitalfunded,
futuristicbusinessesgovernedbycomplexandeverevolvinglegaland
statutoryframework.
•ECAisalsoeffectiveinprovidingmatchmakingpartner/locatingstrategic
alliance,followupandrepresentationwithGovernmentofIndiaoranyother
incidentalworkrelatedtoinvestmentorlegalguidanceinIndia.
www.equicorplegal.com

18. Our Commitment
Value
Onestoplegalboutiquewhereassignmentscarriedoutatafractionof
thecostofclientsstaff
Reduceclientstaffmanagementtimeandoverheadcosts,andincrease
clientsprofitability
Enableclientsstafftoconcentrateonmoreinterestingandvalue-added
work
Service
Robustmanagementandprocedurestoensuredeliveryontimeandon
budget
Dedicatedone-to-onecommunicationwithclient,toensureevery
projectisrightfirsttime
Fullservicedeliveryisachievedbysynergiesofsubjectmatter
expertiseofourin-houseLawyers,CharteredAccountants,Company
SecretariesandTaxConsultants
Quality
Two-levelfilereviewandsignoffbyexpertLawyers,evenforthe
smallestassignment
Value
Onestoplegalboutiquewhereassignmentscarriedoutatafractionof
thecostofclientsstaff
Reduceclientstaffmanagementtimeandoverheadcosts,andincrease
clientsprofitability
Enableclientsstafftoconcentrateonmoreinterestingandvalue-added
work
Service
Robustmanagementandprocedurestoensuredeliveryontimeandon
budget
Dedicatedone-to-onecommunicationwithclient,toensureevery
projectisrightfirsttime
Fullservicedeliveryisachievedbysynergiesofsubjectmatter
expertiseofourin-houseLawyers,CharteredAccountants,Company
SecretariesandTaxConsultants
Quality
Two-levelfilereviewandsignoffbyexpertLawyers,evenforthe
smallestassignment
www.equicorplegal.com

19. Our Core Strengths
Dedicatedteamoflegalprofessionalswithstrongdealexposureand
knowledgeofregulationsofvarioussectors.
Proactiveandstructuredapproach
Welldefinedprocesses
WelldefinedProjectmethodologytailoredtosuittheneedsofclientsfor
servicedelivery
Talentedteamwithexperienceofworkingwithsomeofthelargest
companiesinIndiaexposuretoleadingcrossbordertransactionsinIndia
Experience&provencapabilitiestohandleDiversifiedMulti-nationalClients
i.e.InformationTechnology,Energy,Manufacturing,Consultancy,Oil&Gas
Sector,RetailTrading,Hospitality,Restaurantandrelatedsectors.
Competitiveadvantageofcostingbyvirtueofexpertiseandexperienced
resources.
Dedicatedteamoflegalprofessionalswithstrongdealexposureand
knowledgeofregulationsofvarioussectors.
Proactiveandstructuredapproach
Welldefinedprocesses
WelldefinedProjectmethodologytailoredtosuittheneedsofclientsfor
servicedelivery
Talentedteamwithexperienceofworkingwithsomeofthelargest
companiesinIndiaexposuretoleadingcrossbordertransactionsinIndia
Experience&provencapabilitiestohandleDiversifiedMulti-nationalClients
i.e.InformationTechnology,Energy,Manufacturing,Consultancy,Oil&Gas
Sector,RetailTrading,Hospitality,Restaurantandrelatedsectors.
Competitiveadvantageofcostingbyvirtueofexpertiseandexperienced
resources.
www.equicorplegal.com

20. For further information
Contact :
Aashish Srivastava
Partner
Equi Corp Associates
Advocates & Solicitors
W-86, Classic House, GK-II, New Delhi
T: [phone]
Mobile : [phone]
E-mail :[email protected]
W:www.equicorplegal.com