 "Sebi bans Pragya Dairies, Vayaa Builder from raising funds, new investments")
In a fresh crackdown on unauthorised money pooling schemes, the Sebi has barred Pragya Dairies & Agro and Vayaa Builder and Developers as well as their directors from raising funds from public and from launching any new investment plans.
The directions come after the regulator received complaints against these companies.
The Sebi, prima facie, found that Pragya Dairies mobilised about Rs 130 million from public through its schemes pertaining to cattle/ghee and Vayaa Builder (formerly known as Veenayaka H&H Property Makers) collected a little over Rs 40 million from investors through different land/plot allotment scheme under the garb of a real estate business.
The companies were carrying on these collective investment schemes (CIS) without obtaining registration from the Securities and Exchange Board of India (Sebi), the regulator said in separate orders dated November 9.
Consequently, Sebi has directed Pragya Dairies and its directors or promoters -- Punam Chand Patidar, Nana Lal Patidar, Pooja Patidar, Durga Patidar, Rajesh Jain, Ansar Ahmed, Alok Sahai Vidyarthi and Pramila Jain -- as well as Vayaa Builder and its directors -- Yogendra Bisay and Jitendra Bisay -- not to collect any fresh money from investors under their existing schemes and not to launch any new schemes or plans or float any new companies to raise funds.
The entities have also been ordered to immediately submit the full inventory of the assets owned by these companies out of the amounts collected from the investors.
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Besides, the firms and their directors have been asked not to dispose of any of the properties or alienate the assets of the existing scheme as well as not to divert any funds mobilised from the public.
The companies and their directors will have to furnish all the information sought by the Sebi with regard to scheme-wise list of investors along with the details of amount mobilised.
The directions will take effect immediately and be in force until further orders, as per the regulator.