NOTE: This functionality is supported on Windows Servers that are running CLOAK.
Microsoft Knowledge Base Article 303758 contains the following summary:
Novell NetWare administrators can configure permissions so that users cannot see files or folders in the file system for which the users do not have Read access by removing the File Scan (F) permission. This type of access control is not supported by the NTFS file system. Therefore, users can view the contents of any folder for which the user has the List permission. Removing the List permission for the folder prevents the user from gaining access to any file in the folder.