New Delhi, Feb 25 : The Securities and Exchange Board of India (SEBI) on Tuesday directed Vayaa Builder and Developers, and its directors Yogendra Bisay and Jitendra Bisay to cease their unregistered Collective Investment Scheme (CIS) and refund the money garnered through the scheme.
The company had raised over Rs 4 crore under the scheme of allotment of lands, developing colony and plots.
"VBDP and its directors, viz. Yogendra Bisay and Jitendra Bisay shall wind up its existing CIS and refund the contributions or payments collected from order in the matter of Vayaa Builder and Developers Pvt. Ltd. investors under the schemes with returns due to the investors within a period of three months from the date of this order," the SEBI order said.
"Upon completion of the refund as directed above, within a further period of fifteen days, the Noticees shall submit a winding up and repayment report to SEBI in the format provided under regulation 73 of the CIS Regulations." It added that the refund and interest payment to the investors shall be effected only through bank demand draft or 'pay order', both of which shall be crossed as 'non-transferable' or through internet banking channels such as NEFT or RTGS, with appropriate audit trail.
Referring to its show cause notice dated November 9, 2018 to the company and the directors, the SEBI order on Tuesday said: "The interim order also noted that the maximum amount of money mobilisation has taken place in the FY 2013-14 which amounted to Rs 4,02,08,822 under the 'scheme' of allotment of lands/developing colony/plots and that it prima facie it appeared that the company had raised an amount of at least Rs 4,02,08,822 under the said 'Scheme'." SEBI further said that if the noticee -- the company and its two directors -- fail to comply with the directions, then the regulator shall initiate recovery proceeding against them.