Regulations
KIM Infrastructure & Developers restrained from mobilising funds

The company and its directors are to wind up the existing collective investment schemes and refund the monies collected by the said company under the schemes with returns within a period of three months from the date of this Order

 

Prashant Saran, whole time member, SEBI, has passed an order on KIM Infrastructure & Developers Limited and its directors direct them viz.,  Ravinder Singh Sidhu, Rajesh Kumar,  Sukhpal Singh Barar and  Sanjib Sikdar, not to collect any money from the investors or launch or carry out any collective investment schemes.
 
They are to wind up the existing collective investment schemes and refund the monies collected by the said company under the schemes with returns within a period of three months from the date of this Order and thereafter, within a period of fifteen days, submit a winding up and repayment report to SEBI.
 
They are not to alienate or dispose off or sell any of the assets of KIM Infrastructure & Developers Limited except for the purpose of making refunds to its investors as directed above; to immediately submit the full inventory of the assets and properties owned by KIM Infrastructure & Developers Limited.
 
They are not to access the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four years.
 
Further, former directors of the company, Palwinder Singh, Rana Raminder and Satnam Singh are restrained from accessing the securities market and would further be prohibited from buying, selling or otherwise dealing in securities market for a period of two years.
 
The company was engaged in fund mobilising activity from public by floating/sponsoring/ launching collective investment scheme (CIS) as defined in section 11AA of the SEBI Act, 1992.
 

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Ex-parte order on Unicon Capital Services
Directors and key management personnel of Unicon Capital Services are prohibited from accessing the securities market by a SEBI order.
 
Rajeev Kumar Agarwal, whole time member, SEBI, passed an order restraining Unicon Capital Services Pvt. Ltd. and its directors, namely, Gajendra Nagpal and Ram Mohan Gupta and its two key management personnel , Pawan Dhanuka and Pritam Pandya from accessing the securities market.
 
They have been prohibited (by the SEBI order) from buying, selling or dealing in securities market, either directly or indirectly or being associated with the securities market in any manner whatsoever, with immediate effect, till further directions.
 
The order was passed for their having failed to act in accordance with the requirements of the SEBI Act, 1992, the SEBI (Merchant Bankers) Regulations, 1992, the SEBI (ICDR) Regulations 2009 and SEBI circular dated January 4, 2005.
 

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Midas Touch Assets and Securities restrained from mobilising funds

The company and its directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, by a SEBI order

 

Prashant Saran, whole time member, SEBI, has passed an interim order on Midas Touch Assets and Securities Limited, directing that the company shall not mobilise funds from investors. Further, the company and its directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders. 
 
The company and its directors have also been restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.
 
The company and its directors have further been directed not to dispose off any of the properties or alienate the assets of the company and not to divert any funds raised from public, through the offer of cumulative redeemable preference shares, which are kept in bank accounts and/or in the custody of the company without prior permission of SEBI until further orders. 
 
The company and its directors have also been directed to co-operate with SEBI and shall furnish documents, as required by SEBI and provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form.
 
The company was engaged in fund mobilising activity through issue of cumulative redeemable preference shares to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956.
 

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