SEBI orders NGHI Developers to stop collecting funds

| Updated on: Jul 12, 2012

Stock market regulator SEBI has directed NGHI Developers India Jaipur to stop collecting money from investors under various plans/ schemes offered.

In an ex-parte interim order on Thursday, SEBI directed NGHI not to dispose off assets acquired from scheme funds without its permission.

NGHI promoters and directors Mr Pipal Singh, Mr Bakshish Singh and Mr Avtar Singh have been restrained from accessing the securities market. SEBI has directed NGHI to deposit the money collected from investors within three days.

NGHI has also been forbidden to replace certificates issued by a group company Nicer Green Forests Ltd with its bonds or any other instruments. NGHI also has to provide SEBI with documents that the regulator has called for, within seven days of receipt of the order.

Published on July 12, 2012

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