Interim
Order against NICL India Ltd. and its directors, Mr. Phool Singh Choudhary, Mr.
Harish Sharma and Mr. Abhishek S. Chauhan
Shri S. Raman, Whole Time Member, SEBI, has prima-facie found
that NICL India Ltd., having its registered office at H.No. 50, G-3
PalashParisar, Nav Door Sanchar Colony, Gulmohar, Bhopal, Madhya Pradesh –
462016 has been illegally raising money from public and accordingly passed an
interim order dated January 14, 2015 against the company and its
directors, Mr. Phool Singh Choudhary, Mr. Harish Sharma and Mr. Abhishek S.
Chauhan, under SEBI Act, 1992 read with SEBI (Collective Investment Scheme)
Regulations, 1999. The order directs the company and its promoters/ directors:
(a) not to collect any fresh moneys from investors from
its existing scheme;
(b) not to launch any new scheme/plan or float any new
companies/firm to raise fresh moneys;
(c) not to dispose of any of the properties or alienate the
assets of the existing scheme;
(d) not to divert any funds raised from public at large, kept in
bank account(s) and/or in the custody of the company;
(e) to immediately submit the full inventory of the assets
owned by NICL India Ltd. out of the amounts collected from the
“customers”/investors under its existing schemes;
(f) to furnish all the information sought by SEBI,
within 21 days of the receipt of this Order, including,
(i) scheme wise list of investors and
their contact numbers and addresses, who have invested in the scheme till date,
(ii) the details of amount mobilized
and refunded till date
The full text of the order is
available on the website: www.sebi.gov.in
Mumbai
January 16, 2015
