Nirmal Singh Bhangoo

4 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Appellant restrained from accessing the securities market and prohibited from dealing in securities for five years from 22 August 2014 or until investor dues with promised returns are refunded, whichever is earlier.
Appellant company and directors restrained from operating schemes
Appellant company and directors barred from accessing securities market directly or indirectly for 10 years
Status-quo as of Jan 01, 2016 on recovery orders dated Dec 11, 2015
Status-quo as of 01.01.2016 to be maintained on recovery orders dated 11.12.2015

SAT-appeal

PACL Ltd. allegedly operated collective investment schemes without SEBI registration and failed to seek or obtain registration/provisional registration under the CIS Regulations. The appellant was alleged liable for schemes run during his directorship.
Appeal disposed of. · Finding that the appellant violated Section 12(1B) of the SEBI Act upheld.
Appeal: Appeal No. 94 of 2015 disposed of by SAT on 22 June 2017; impugned SEBI WTM order dated 22 August 2014 modified.
Operating unregistered collective investment schemes and mobilising funds in violation of SEBI chairman order dated 6 Dec 2002, failing to wind-up and refund per Regulation 73.
Appeal No.139 of 2008 dismissed, WTM order upheld · Appellant company and directors restrained from operating schemes
Appeal: Appeal No.139 of 2008 dismissed on 24 February 2010; Writ Petition No.188 of 2003 dismissed 26 July 2004; Supreme Court civil appeal pending with no stay
Operating unregistered Collective Investment Schemes via PACL Ltd and failure to wind up schemes and refund about Rs 49,100 crore.
Appeals 505/2015 and 94/2015 listed Jan 29, 2016 for final disposal · SEBI to file reply in Appeal 505 within two weeks
Appeal: Appeals 505/2015 and 94/2015 pending, listed Jan 29, 2016; Misc Application 347/2015 dismissed Jan 01, 2016
Running unregistered Collective Investment Schemes via PACL Limited and failure to wind up schemes and refund about Rs 49,100 crore to investors.
Appeals No. 505/2015 and 94/2015 to be listed on 29.01.2016 for final disposal together · SEBI to file reply in Appeal 505/2015 within two weeks
Appeal: Appeal 505/2015 against recovery orders 11.12.2015 and Appeal 94/2015 against SEBI order 22.08.2014 pending, listed 29.01.2016; SLPs stated filed before Supreme Court against SAT order 12.08.2015

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Source: SecMarx — Nirmal Singh Bhangoo. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.