Order against United Capital Services Ltd

SECURITIES AND EXCHANGE BOARD OF INDIA

DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT, 1992 READ WITH REGULATIONS 65, 73 AND 74 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 1999 ISSUED TO:-

M/S. UNITED CAPITAL SERVICES (I) LTD., CHANDIGARH

Vide Order dated January 29, 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.

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.

Now, therefore, in exercise of the powers conferred under Section 11B of the SEBI Act, 1992, I hereby debar you/your promoters/your directors (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.
 
 Place: Mumbai
Date: July 29, 2002

G.N. BAJPAI
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA

 

Annexure

Names of promoters

Mr. Romesh Kumar Sharma - also director

(S/o Mr. P.R. Sharma)

Mr. Rakesh Kumar Sharma

(S/o Mr. P.R. Sharma)

Mr. Khan Abdul Ghani

(S/o Khan Abdul Rehman)

Mr. Guman Singh Panwal

(S/o Betal Singh Panwal)

Mrs. Saroj Bala

(W/o Mr. Rakesh Sharma)

Mr. Prabhakaran Pillathu

(S/o S.N. Panicher)

Mr.Subash Chander

(S/o Mr. C.R. Khajuria)

Names of other directors

Mr. Vinod Kumar Dutta

(S/o Mr. Vishva Mittar Dutta)

Mr. Abdul Quoyum Karima

(S/o Lt. Ali Mohammad)

Prof. Gauri Shankar Sharma

(S/o Mr. Rajender Nath Sharma)

Mr. Diwan Chand Sangra

(S/o Mr. Sant Ram Sangra)

Mr. Mohd. Alam

(S/o Mr. Kazi Hussain)