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

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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)

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
(ADJUDICATION ORDER NO: ORDER/GR/RR/2020-21/9762-9766)

UNDER SECTION 15-I (2) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 AND RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995

In the matter of Vinayak Homes and Real Estate Limited

(The aforesaid Noticees are hereinafter individually referred to as Noticee 1 to Noticee 5 and collectively referred to as “the Noticees”)

FACTS OF THE CASE

1. 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.

APPOINTMENT OF ADJUDICATING OFFICER

2. Vide Order dated June 26, 2019, the undersigned has been appointed as Adjudicating Officer in the instant matter to inquire into and adjudge the matter for the aforesaid alleged violations by the Noticees.

SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

3. A Show Cause Notice dated August 27, 2020 (hereinafter referred to as ‘SCN’) was issued to the Noticees under the provisions of Rule 4 (1) of the Adjudication Rules to show cause as to why an inquiry should not be held against the Noticees and why penalty should not be imposed on Noticees under the provisions of Sections 15HA of the SEBI Act, for the alleged violation of Regulation 4(2)(t) of PFUTP Regulations. The hard copy of the SCN could not be delivered to the Noticees at their last known address available on record. Subsequently, email id of the Noticee 2, 3 and 4 were obtained from BSE and email id of the Noticee 1 was obtained from MCA website. Thereafter, said SCN was served upon the Noticee 1 to 4 through their email id. With respect to the Noticee 5, as the SCN could not be served at the address of the Noticee, an attempt was made to affix the SCN at the available address of the Noticee 5. However, the same could not be affixed as no such address was found. Thereafter, the SCN was served through publication dated November 28, 2020 in in Times of India and Dainik Bhaskar (Indore edition).

To know more in details find the attachment file
 

 

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on 09 December 2020
Published in LAW
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