G.N. Bajpai, Chairman
1. Vide Order dated May 30, 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 scheme (s) 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. You have failed to comply with the directions of the said Order and have also violated the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999 and the SEBI Act, 1992.
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 scheme (s) (whose names are mentioned in Annexure) from operating in the capital market for a period of 5 years from the date of this Order.