June 02, 2014
PR No. 052/2014

Order in the matter of M/s. KBCL India Limited

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on May 26,2014 in the matter of M/s. KBCL India Limited. The order directed the company and its directors viz. Mr. Rakesh Kumar, Mr. Vishvnath Pratap Singh and Mr. Shashi Kant Mishra not to collect any money from investors or launch or carry out any Collective Investment Schemes including the scheme which has been identified as a Collective Investment Scheme in the Order, to wind up the existing Collective Investment Schemes and refund the money collected by the company under the schemes with returns which are due to its investors as per the terms of offer within a period of three month from the date of the Order and submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, failing which the following actions shall follow :

1. SEBI would initiate prosecution proceedings under Section 24 and adjudication proceedings under Chapter VI of the Securities and Exchange Board of India Act, 1992 against KBCL India Limited and its directors.
    
2. SEBI would make a reference to the State Government/Local Police to register a civil/ criminal case against KBCL India Limited and its directors for offences of fraud, cheating, criminal breach of trust and misappropriation of public funds; and
    
3. SEBI would make a reference to the Ministry of Corporate Affairs, to initiate the process of winding up of KBCL India Limited and its directors.

M/s KBCL India Limited and its directors have also being restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market till all the Collective Investment Schemes
are wound up by it and all the monies mobilized through such schemes are refunded to its investors with returns which are due to them.
 
M/s KBCL India Limited was found to be engaged in fund mobilising activity from public by floating ‘collective investment schemes’ without obtaining certificate of registration from SEBI.

Mumbai
 
June 02, 2014

For full copy of order against K B C L INDIA LTD., click here.

For full copy of order against RAKESH KUMAR, click here.

For full copy of order against SHASHI KANT MISHRA, click here.

For full copy of order against VISHVNATH PRATAP SINGH, click here.