March 06, 1998
PR No. 44/1998

INVESTOR GRIEVANCE AND GUIDANCE DIVISION
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Directions to Girish Hotel Resorts and Health Farm Ltd. & Reliable Finstock Services Ltd., their Promoters and their Associates.

Girish Hotels Resorts and Health Farm Ltd.(GHRHFL) and Reliable Finstock Services Limited (RFSL) had made applications to SEBI dated September 26, 1996 and June 1, 1995 respectively requesting for issuance of No Objection Certificates from SEBI for release of the 1% security deposit kept by them with the Ahmedabad Stock Exchange (ASE) in connection with the public issues made by the companies in May 1996 and December, 1994 respectively. Even while the matter of the issue of the said NOC�s were in correspondence with GHRHFL, RFSL and SEBI, the companies had submitted on January 27, 1996, their applications to the ASE for release of the security deposit and submitted forged NOCs purported to have been issued by SEBI. Thus the companies have violated the standards expected of public companies and therefore have become detrimental to the interests of the investors and securities market. 
 
The Board after due consideration has ordered that Girish Hotels Resorts and Health Farm Ltd., their Promoters(Shri Girish P. Ruparel, Shri Devendra Painter, Shri. Baldevbhai Rami) and their Associates Company (M/s. Girish Travels & Courier Ltd) and Reliable Finstock Services Ltd., their Promoters(Shri J.M. Shah) and their Associates Companies are prohibited from raising money from the public for five years from March 4, 1998 and the security deposit kept by GHRHFL and RFSL with the ASE be forfeited and be credited to the Investor Protection Fund of the Ahmedabad Stock Exchange.