August 25, 2015
PR No. 220/2015

Order in the matter of M/s. Nikhara Bharath Construction Company Ltd

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on August 21, 2015, in the matter of Nikhara Bharath Construction Company Ltd (Nikhara). The order confirms the directions issued vide the SEBI interim order dated June 12, 2014, against Nikhara Bharath Construction Company Ltd and its directors, Mr. Kodandarama Pilliah, Mrs. Bharathi Balakrishna Murthy and Mrs. Sreedevi Balakrishnamurthy, subject to the modification that there is no hindrance to Nikhara in respect of execution and registration of sale deeds in respect of customers from whom it had already collected the monies.
 
The order also directed Nikhara to report to SEBI on a monthly basis the details of sale deeds executed and registered by it in favour of customers, sale consideration received and plots sold to enable SEBI to conclude the investigation into the matter.
 
Nikhara was prima facie found to be engaged in fund mobilising activity from public by floating ‘collective investment schemes’ as defined in Section 11AA of the SEBI Act without obtaining certificate of registration from SEBI. Accordingly, SEBI had passed an ex-parte interim order against Nikhara and its directors Mr. Kodandarama Pilliah, Mrs. Bharathi Balakrishna Murthy and Mrs. Sreedevi Balakrishnamurthy, on June 12, 2014.

Mumbai
 
August 25, 2015

For full copy of order against NIKHARA BHARAT CONSTRUCTION COMPANY LIMITED, MR. KODANDARAMA PILLAIAH, MS. BHARATHI BALAKRISHNA MURTHY AND MS. SREEDEVI BALAKRISHNAMURTHY click here.