ORDER
G.N. Bajpai, Chairman
1. Vide Order dated February 5, 2002, directions under Section 11B of the SEBI Act, 1992 read with Regulations 65 & 73 of SEBI (Collective Investment Schemes) Regulations, 1999 were issued to you as you, having failed to get registration from SEBI, had failed to wind up your existing collective investment schemes and make repayments to your investors in accordance with the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999. As per the said Order, you were directed to refund the money collected under the scheme(s) with returns which is due to the investors as per the terms of the offer within a period of one month from the date of the said Order.
2. As you have failed to comply with the directions of the said Order, you have violated the provisions of Regulation 73 of the SEBI (Collective Investment Schemes) Regulations, 1999.
3. Now, therefore, in exercise of the powers conferred under Section 11B of the SEBI Act, 1992, I hereby debar you/your promoters/your directors/your managers/persons in charge of the business of your schemes (whose names are mentioned in Annexure) from operating in the capital market and from accessing the capital market for a period of 5 years from the date of this Order.
Annexure
Names of promoters
Mr. K.D. Sharma – also director
(S/o Mr. Jagat Ram)
Mrs. Sudesh Sharma
(W/o Mr. K.D. Sharma)
Mrs. Kabita Sahu – also director
(W/o Mr. L.N. Sahu)
Mr. Rajesh Sharma
(S/o Mr. Prem Chand)
Mrs. Rashpal Kaur
(W/o Mr. Kirpal Chand)
Mr. K.K. Sangral
(S/o Mr. Boli Ram)
Mr. Som Datt
(S/o Mr. Jagat Ram)
Mr. N.K. Jain
(S/o Mr. Des Raj Jain)
Names of other directors
Mr. Sanjay Rath
Mr. Veerji Pandit
Mr. Amrish Kala
Mr. Bidut Majumdar
Names of managers/ persons in-charge of business of schemes
Mr. Nanak Chand
Mr. Hiraji Singh
Mr. J.P. Giri
Mr. D.K. Das
Mr. Manohar Rasnakar
Mr. Chandan Sharma
Mr. Mahesh Sharma