Also, the capital markets watchdog has prohibited the firm and its directors from dealing in capital markets till further directions.
The move follows as the Securities and Exchange Board of India (Sebi) received a complaint against Sankalp Projects alleging mobilisation of funds by the company.
Sebi found that the company had allotted non-convertible debentures (NCDs) worth over Rs 10 lakh to 133 lakh people during 2010-11 to 2013-14.
The company through such activity had allegedly violated various norms, Sebi said.
The regulator observed that allotment of shares by Sankalp Projects was a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do.
Accordingly, Sebi said: "Nixcil Pharm shall forthwith cease to mobilise any fresh funds from investors through the offer of NCDs or through issuance of any other securities, to the public/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions."
Further, the firm and its directors have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.
The regulator also asked the entities not to dispose any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from public.
Further, Sebi has prohibited debenture trustee- Sankalp Debenture Trust (represented by its Trustee, Moumita Bhowmick), from continuing with their assignment as a debenture trustee of Sankalp Projects' NCDs issue and also from taking up any new assignment in a similar capacity.
These directions "shall take effect take effect immediately and shall be in force until further orders.