September 17, 2008
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.

Mumbai

September 17, 2008

For full copy of order against ASHOK KUMAR VIG, click here.

For full copy of order against AVTAR SINGH MAVI, click here.

For full copy of order against B.K.KALIA, click here.

For full copy of order against BALBIR SINGH, click here.

For full copy of order against BASAWA SINGH, click here.

For full copy of order against GURJANT SINGH, click here.

For full copy of order against HARCHAND SINGH, click here.

For full copy of order against JUGAL KISHORE MAHAJAN, click here.

For full copy of order against MAHENDRA PATWA, click here.

For full copy of order against MATHEW ALEXANDER, click here.

For full copy of order against NIRMAL SINGH BHANGOO, click here.

For full copy of order against NIRMAL SINGH CHAHAL, click here.

For full copy of order against PGF LTD., click here.

For full copy of order against PRAVEEN GUPTA, click here.

For full copy of order against PREM SETH, click here.

For full copy of order against R.C.JOSHI, click here.

For full copy of order against RAKESH KANT SAYAL, click here.

For full copy of order against S.BHATTACHARYA, click here.

For full copy of order against SURENDER K.GAUR, click here.

For full copy of order against VIDYA SAGAR PURI, click here.

For full copy of order against VISHWANATH ATTRI, click here.