Securities Appellate Tribunal
Sebi vs Dmc Vaults Ltd. on 21 October, 2002
JUDGMENT
G.N. Bajpai, Chairman
1. Vide Order dated June 12, 2002, directions under Section 11B of the SEBI Act, 1992 read with Regulations 65 & 73 of SEBI (Collective Investment Schemes) Regulations, 1999 were issued to you as you, having failed to make an application with SEBI for grant of registration, had failed to wind up your existing collective investment schemes and make repayments to your investors in accordance with the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999. As per the said Order, you were directed to refund the money collected under the scheme(s) with returns which is due to the investors as per the terms of the offer within a period of one month from the date of the said Order.
2. You have failed to comply with the directions of the said Order and have also violated the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999 and the SEBI Act, 1992.
3. Now, therefore, in exercise of the powers conferred under Section 11B of the SEBI Act, 1992, I hereby debar you/your promoters/your directors (whose names are mentioned in Annexure) from operating in the capital market and from accessing the capital market for a period of 5 years from the date of this Order.
-------------------------------------------------------------------------------- Annexure Names of directors/promoters As obtained from ROC records and information filed by the company with SEBI Mrs. Alka Jain Promoter/Director W/O Shri S.K. Jain 3C/46, New Rohtak Road New Delhi - 110 005.
Shri Jinesh C Jain Director Anaj Mandi Rohtak (Haryana) Shri Vijesh C Jain Director PP-71, Maurya Enclave Pitampura Delhi Shri Surender Sharma Director M-140, Connaught Place New Delhi - 110001 Shri Kamal Sharma Director RZ-40, Hanspark Sagarpur New Delhi Shri A.S. Singhal Director A-12, Pridarshani Vihar Delhi - 110 092.
Shri A.K. Jain Director 1643-44, Hathi Khana B.G. Road Delhi Shri Rajiv Kr. Jain Director Railway Road Rohtak Haryana Shri Swatantar Kumar Jain Promoter S/O Shri M.S. Jain 1/1293, Naiwala Karol Bagh New Delhi - 110 005.
Ramesh Chand Puri Promoter S/O Late T.C. Puri 70, Uday Park New Delhi - 110 049.
Gurcharan Dass Mehta Promoter S/O Late L.R. Mehta D-25, Nijamuddin East New Delhi Niti Mehta Promoter S/O Gurcharan Dass Mehta D-25, Nijamuddin East New Delhi Mridul Kumar Jain Promoter S/O R.B. Jain 8, Ajmal Khan Park Area New Delhi - 110 005.
Neelam Jain Promoter W/O Shri M.K. Jain 8, Ajmal Khan Park Area New Delhi - 110 005.
As per information filed by the company with SEBI Shri Inder Mohan Lal Kaura Director J-146, Paschim Vihar New Delhi - 110 063.
Shri Chet Ram Gupta Director E/578, Greater Kailash Part - II New Delhi Shri Subhash C Jain Director 1/1293, Naiwala Karol Bagh New Delhi - 110 005.
Shri Davender Jain Director B-81, Vivek Vihar Phase - II Delhi - 110 095.