SEBI bans activities of Vaya Builders and Developers Pvt. Ltd.
Mumbai. The Securities and Exchange Board of India (SEBI) has issued a show cause notice along with an interim order to Messrs. Vaya Builders and Developers Private Limited (formerly known as Vinayaka H & H Property Makers Private Limited) in a letter dated November 9, 2018. Under this order, the activities of the company have been banned.
Commissioner Institutional Finance Dr. Manoj Govil said that the company will not collect any kind of new amount from its former investors in its existing schemes. The company will neither issue any new scheme / Yojan nor will any amount be collected in the name of beginning any new company/firm. The company will sell or transfer property acquired from the amount collected directly or indirectly.
The amount collected from the general public by the company, which is deposited in the bank account or is in the custody of the company, will not be diverted. The list of assets acquired by the company through the funds collected through its existing schemes will be made available to SEBI immediately.
SEBI has issued instructions to the company to provide complete information along with the documents. In view of the restrictions imposed by SEBI, the citizens of the state have alerted to keep the above order by SEBI in mind before undertaking any kind of transaction with the said company.