PRESS RELEASE
PR No.174/2008
PGF Ltd. restrained from securities market for 10 years
M/s. PGF Ltd. (PGFL), a public limited company having its registered office at SCO 1042-43, Sector-22 B, Chandigarh-160022 has been involved in operating Collective Investment Schemes (CIS) without seeking registration with SEBI. PGFL has mobilised huge amount of funds from thousands of innocent investors under its schemes.
In this context, Dr. T.C. Nair, Whole Time Member, SEBI, has vide order dated September 17, 2008, restrained PGFL, its promoters, its directors and its persons-in-charge of the business (the names of whom are collectively described in the Annexure 1 of the order) of all its schemes from accessing the securities market either directly or indirectly. They have also been prohibited from buying, selling or otherwise dealing in securities, in any manner whatsoever, for a period of 10 years.
Earlier vide order dated December 6, 2002, Chairman, SEBI had inter-alia directed PGFL neither to collect any money from investors nor to launch any new schemes. The company was further directed to refund the money collected under the scheme(s) with returns due to investors as per the terms of the offer failing which actions under the SEBI Act, 1992 and the SEBI (Collective Investment Scheme) Regulations, 1999 as deemed fit were to be initiated against it. Since the company failed to comply with the aforesaid directions dated December 6, 2002 and its conduct was found to detrimental to the interest of investors at large, the instant order dated September 17, 2008 has been passed.
The full text of the Order is available on the website www.sebi.gov.in
Mumbai
September 17, 2008
