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SOURCE OF INFORMATION

SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 03-JUL-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

PERSONS: INDULGED IN DIVERSION OF FUNDS

S.No. PERSON ENTITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ARNAV KUMAR MAZUMDER  
  DIVERTED FUNDS IN VIOLATION OF ATTACHMENT DIRECTIVES/INSTRUCTIONS/GUIDELINES OF SEBI AND HON’BLE SUPREME COURT’S ORDER   DIRECTED TO ATTACH BANK ACCOUNTS

14-SEP-2017 		SEBI VIDE ITS ORDER DATED 14/09/2017 DIRECTED THAT IN COMPLIANCE OF THE HON’BLE SUPREME COURT ORDER DATED 25/07/2016, ATTACHMENT PROCEEDINGS IN RESPECT OF ENTITIES TO THE EXTENT OF THE FUNDS TRANSFERRED BY NIRMAL CHHAYA INSURANCE SERVICES LTD., PEARLS INFRASTRUCTURE PROJECTS LTD., PEARLS TOURISM LTD. AND LAKSHMI SMOU LTD. SHALL REMAIN IN FORCE  
2
History of entity/person MRITYUNJAY PRASAD ROY  
  DIVERTED FUNDS IN VIOLATION OF ATTACHMENT DIRECTIVES/INSTRUCTIONS/GUIDELINES OF SEBI AND HON’BLE SUPREME COURT’S ORDER   DIRECTED TO ATTACH BANK ACCOUNTS

14-SEP-2017 		SEBI VIDE ITS ORDER DATED 14/09/2017 DIRECTED THAT IN COMPLIANCE OF THE HON’BLE SUPREME COURT ORDER DATED 25/07/2016, ATTACHMENT PROCEEDINGS IN RESPECT OF ENTITIES TO THE EXTENT OF THE FUNDS TRANSFERRED BY NIRMAL CHHAYA INSURANCE SERVICES LTD., PEARLS INFRASTRUCTURE PROJECTS LTD., PEARLS TOURISM LTD. AND LAKSHMI SMOU LTD. SHALL REMAIN IN FORCE  
3
History of entity/person PAVITRA SHRIGYAN  
  DIVERTED FUNDS IN VIOLATION OF ATTACHMENT DIRECTIVES/INSTRUCTIONS/GUIDELINES OF SEBI AND HON’BLE SUPREME COURT’S ORDER   DIRECTED TO ATTACH BANK ACCOUNTS

14-SEP-2017 		SEBI VIDE ITS ORDER DATED 14/09/2017 DIRECTED THAT IN COMPLIANCE OF THE HON’BLE SUPREME COURT ORDER DATED 25/07/2016, ATTACHMENT PROCEEDINGS IN RESPECT OF ENTITIES TO THE EXTENT OF THE FUNDS TRANSFERRED BY NIRMAL CHHAYA INSURANCE SERVICES LTD., PEARLS INFRASTRUCTURE PROJECTS LTD., PEARLS TOURISM LTD. AND LAKSHMI SMOU LTD. SHALL REMAIN IN FORCE  
4
History of entity/person RASHMI GARG  
  DIVERTED FUNDS IN VIOLATION OF ATTACHMENT DIRECTIVES/INSTRUCTIONS/GUIDELINES OF SEBI AND HON’BLE SUPREME COURT’S ORDER   DIRECTED TO ATTACH BANK ACCOUNTS

18-AUG-2017 		SEBI VIDE ITS ORDER DATED 18/08/2017 DISALLOWED THE CLAIMS/OBJECTIONS OF THE TRANSFEREES ON ATTACHMENT TO THEIR BANK ACCOUNTS VIDE NOTICES DATED 13/01/2017. COMPLIANCE OF THE HON’BLE SUPREME COURT ORDER DATED 25/07/2016 THE ATTACHMENT PROCEEDINGS IN RESPECT OF BANK ACCOUNTS OF MS.UPMA GARG AND MS.RASHMI GARG TO THE EXTENT OF RS.3 CRORES AS TRANSFERRED BY PEARLS INFRASTRUCTURE PROJECTS LTD., SHALL REMAIN IN FORCE  
5
History of entity/person UPMA GARG  
  DIVERTED FUNDS IN VIOLATION OF ATTACHMENT DIRECTIVES/INSTRUCTIONS/GUIDELINES OF SEBI AND HON’BLE SUPREME COURT’S ORDER   DIRECTED TO ATTACH BANK ACCOUNTS

18-AUG-2017 		SEBI VIDE ITS ORDER DATED 18/08/2017 DISALLOWED THE CLAIMS/OBJECTIONS OF THE TRANSFEREES ON ATTACHMENT TO THEIR BANK ACCOUNTS VIDE NOTICES DATED 13/01/2017. COMPLIANCE OF THE HON’BLE SUPREME COURT ORDER DATED 25/07/2016 THE ATTACHMENT PROCEEDINGS IN RESPECT OF BANK ACCOUNTS OF MS.UPMA GARG AND MS.RASHMI GARG TO THE EXTENT OF RS.3 CRORES AS TRANSFERRED BY PEARLS INFRASTRUCTURE PROJECTS LTD., SHALL REMAIN IN FORCE  
6
History of entity/person VIPIN SHUKLA  
  DIVERTED FUNDS IN VIOLATION OF ATTACHMENT DIRECTIVES/INSTRUCTIONS/GUIDELINES OF SEBI AND HON’BLE SUPREME COURT’S ORDER   DIRECTED TO ATTACH BANK ACCOUNTS

14-SEP-2017 		SEBI VIDE ITS ORDER DATED 14/09/2017 DIRECTED THAT IN COMPLIANCE OF THE HON’BLE SUPREME COURT ORDER DATED 25/07/2016, ATTACHMENT PROCEEDINGS IN RESPECT OF ENTITIES TO THE EXTENT OF THE FUNDS TRANSFERRED BY NIRMAL CHHAYA INSURANCE SERVICES LTD., PEARLS INFRASTRUCTURE PROJECTS LTD., PEARLS TOURISM LTD. AND LAKSHMI SMOU LTD. SHALL REMAIN IN FORCE  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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