Adjudication Order in the matter of Vinayak Homes and Real Estate Limited

Last updated: 09 December 2020

Save Share

Quick Summary

This adjudication order concerns Vinayak Homes and Real Estate Limited (VHREL) and its directors for alleged violations of SEBI's Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations. SEBI initiated proceedings after the company and its directors failed to adhere to regulations concerning fraudulent activities in the securities market. A Show Cause Notice was issued, and attempts were made to serve it through email and publication after initial delivery issues.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as "SEBI") initiated adjudication proceedings under Section 15HA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act"), the alleged violations of Regulation 4(2)(t) of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) by Vinayak Homes and Real Estate Limited (VHREL/Noticee 1/the company) and its directors namely Mr. Yogendra Bisay (Noticee 2), Mr. Jitendra Bisay (Noticee 3), Mr. Phool Chand Bisay (Noticee 4) and Mr. Yuvraj Malakar (Noticee 5) in the said matter.

Citation :
(ADJUDICATION ORDER NO: ORDER/GR/RR/2020-21/9762-9766)

Daily Limit Reached