Reciprocal Order - Cease-trade orders against Maple Leaf Investment Fund Corporation, Tulsiani Investments Inc. and their principal officers

Montréal - On January 18, 2013, at the request of the Autorité des marchés financiers (the AMF), the Bureau de décision et de révision (the "Bureau") issued a permanent order to cease any activity in respect of a transaction in securities and acting as a dealer against Sunil Tulsiani, Maple Leaf Investment Fund Corporation (MLIF), Henry Joe Chau and Tulsiani Investments. At the same time, the Bureau also denied these respondents the benefit of any exemption under the Securities Act or the regulations thereunder. The same orders were also issued against Ravinder Tulsiani, but for an eight-year period.

These orders are further to two decisions rendered by the Ontario Securities Commission (OSC) in the same matter.

In this case, the respondents promoted MLIF financial products through various advertisements, seminars and through employees or telemarketers claiming high interest investment returns, low risk and guaranteed income in connection with various real estate projects, including a condo-hotel project in Curaçao.

Four series of MLIF bonds were sold to 80 investors, including two from Québec, for a total of $4,475,000. None of the respondents was registered with the OSC or the AMF and no receipt for a prospectus was issued.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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