SEBI Bars NGHI Developers from Collecting Cash from Investors
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MUMBAI: Capital market regulator SEBI these days barred NGHI Developers and its promoters from collecting public cash and accessing the securities market.
"NGHI Developers India Ltd shall immediately stop collecting cash, directly or indirectly, from investors underneath the plans or schemes offered by it...or launch any such any plans or themes within the nature of a 'collective investment scheme," Sebi said in its order.
It has come back to its notice that the Jaipur-based company was soliciting funds from public for purpose of developing plots of land through its plans.
However, on prima facie it appeared that NGHI is expounded to a different company -- Nicer Green Forests Ltd -- that is underneath the regulator's probe.
It was found that the corporate is permitting 'Nicer Green' substitute the certificates issued to Nicer Green's investors with the bonds of NGHI, Sebi said.
It seems that NGHI is getting used by Pipal Singh and Bakshish Singh, administrators of NGHI, as a vehicle to subvert the SEBI order against Nicer inexperienced, it said.
"NGHI has additionally been prima facie found to be launching 'collective investment schemes' in violation of the provisions of the SEBI Act, 1992," it added.
"NGHI, its promoters and administrators are prohibited from shopping for, selling or otherwise dealing within the securities and are restrained from accessing the securities market, directly or indirectly," it said.
Sebi directed NGHI that the cash collected from investors underneath varied schemes ought to be deposited during a separate checking account among a amount of 3 days from the date of the order.
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