Sebi bans Pragya Dairies, Vayaa Builder from raising funds, new investments

In a fresh crackdown on unauthorised money pooling schemes, the Sebi has barred Pragya Dairies & Agro and Vayaa Builder and Developers as well as their directors from raising funds from public and from launching any new investment plans. The directions come after the regulator received complaints against these companies. The Sebi, prima facie, found that Pragya Dairies mobilised about Rs 13 crore from public through its schemes pertaining to cattle/ghee and Vayaa Builder (formerly known as Veenayaka H&H Property Makers) collected a little over Rs 4 crore from investors through different land/plot allotment scheme under the garb of a real estate business. The companies were carrying on these collective investment schemes (CIS) without obtaining registration from the Securities and Exchange Board of India (Sebi), the regulator said in separate orders dated November 9. Consequently, Sebi has directed Pragya Dairies and its directors or promoters -- Punam Chand Patidar, Nana Lal ..

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