sebi:WTM/MB/WRO/WRO/5275/2019-20
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued: VHREL to wind up the CIS and refund money collected with returns within three months; directors Yogendra Bisay, Jitendra Bisay and Phool Chand Bisay personally liable for refund if company fails; market access restrained for VHREL, Yogendra Bisay, Jitendra Bisay and Phool Chand Bisay (four years post-refund), Yuvraj Malakar (four years), Kalu Singh Verma (one year); asset freeze and inventory directions imposed.
Provisions invoked
- s. 11B
- s. 11A
- s. 19
- s. 12
- s. 45
- s. 58A
- s. 620A
Regulations
- Reg. 65
- Reg. 11
- Reg. 3
- Reg. 4(2)
- Reg. 30
- Reg. 4(2)(t)
- Reg. 65(c)
- Reg. 65(d)
Parties
- Vinayak Homes and Real Estate Limited
- Yogendra Bisay
- Jitendra Bisay
- Phool Chand Bisay
- Kalu Singh Verma
- Yuvraj Shriram Malakar
Holding
The schemes of VHREL for purchase, development and maintenance of plots of land constituted an unregistered collective investment scheme in violation of Section 12(1B) of the SEBI Act read with Regulation 3 of the CIS Regulations, and post-September 06, 2013 fund mobilization amounted to a fraudulent practice under Regulation 4(2)(t) of the PFUTP Regulations. VHREL and its directors were directed to wind up the scheme and refund investors, with directors held personally liable.
Full text
___________________________________________________________________________ Final Order in the matter of Vinayak Homes & Real Estate Limited Page 2 of 38
___________________________________________________________________________ Final Order in the matter of Vinayak Homes & Real Estate Limited Page 3 of 38
___________________________________________________________________________ Final Order in the matter of Vinayak Homes & Real Estate Limited Page 4 of 38
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Source: SecMarx — sebi:WTM/MB/WRO/WRO/5275/2019-20. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.