PRESS RELEASE - SEBI

April 01, 2016
PR No. 074/2016


Order In the matter of Disc Assets Lead India Limited and its Directors

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on March 30, 2016 in the matter of Disc Assets Lead India Limited and its Directors. The Order inter alia directed Disc Assets Lead India Limited and its Directors, viz., Mr. Nithiyanantham Arunkumar, Mr. Vivekanandam Janarthanan, Mr. Srinivasan Chidambaram, Mr. Shyamchander Thanikodi and its former directors Mr. Nithiyanantham Malathi Umashankar and Ms. S. Jeevalatha Sridhar,

  1. to abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the schemes which have been identified as a Collective Investment Scheme in the Order;
     
  2. to wind up the existing Collective Investment Schemes and refund, through ‘Bank Demand Draft’ or ‘Pay Order’, the money collected by the said company under the schemes with returns which are due to its investors as per the terms of offer within a period of three months from the date of the Order and thereafter within a period of fifteen days, submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds;
     
  3. not to alienate or dispose off or sell any of the assets of the aforesaid company except for the purpose of making refunds to its investors, as directed above;
     
  4. to file a certificate of such completion with SEBI, within a period of 15 days, from two independent peer reviewed Chartered Accountants who are in the panel of any public authority or public institution. For the purpose of this Order, a peer reviewed Chartered Accountant shall mean a Chartered Accountant, who has been categorized so by the Institute of Chartered Accountants of India (‘ICAI’);
     
  5. to immediately submit the complete and detailed inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form;
     
  6. to restrain from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four (4) years.

Disc Assets Lead India Limited, having its registered office located at: Old Door No 59/1 (New No 119), Canal Bank Road, C.I.T Nagar, Chennai- 600035, Tamil Nadu, was found engaged in mobilizing funds from the investors under its schemes, prima- facie violating the provisions of the SEBI Act, 1992 and SEBI (Collective Investment Scheme) Regulations, 1999. The Order shall come into force with immediate effect.

Mumbai
April 01, 2016

 

For full copy of order against DISC ASSETS LEAD INDIA LTD., MR.VIVEKANANDAM JANARTHANAN, MR.NITHIYANANTHAM ARUNKUMAR, MR.SRINIVASAN CHIDAMBARAM, MR.SHYAMCHANDER THANIKODI, MR.NITHIYANANTHAM MALATHI UMASHANKAR and MS.S.JEEVALATHA SRIDHAR click here.