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Sebi Stops Viswas Real Estates From Raising Funds
Total Articles: 54
Securities and Exchange Board of India (SEBI) which acts as a market regulator has found that Hyderabad-based Viswas Real Estates, a company that deals in property India and Hyderabad properties, was mobilizing funds from local public by promising to offer property in Hyderabad in its real estate ventures, that too without having necessary approvals from SEBI.
Barring this unauthorized real estate investment scheme, Securities and Exchange Board of India (SEBI) has stopped Viswas Real Estates and Infrastructures India Ltd., a popular Hyderabad property developer, and its two directors from raising funds from investors.
It is being said that the Viswas Real Estates had raised an approximate amount of Rs30 crore through its investment schemes. The company had deceived the public as they were not given correct information. SEBI has noted that Viswas Real Estates had not got any certificate of registration which come under the regulations for its fund raising activity from the public. SEBI said that it was the regulator's mandate to make sure that no investors were cheated by the organization that deals with real estate India and property in Hyderabad.
The market regulator has also asked the company and its directors Eshararao Gundala and Vaka Saradhi not to raise any fresh money from public under any of its existing schemes. They were also warned about not launching any new schemes or plans. The directors were also cautioned against floating any new company to raise more cash.
The organization which deals in property India and Hyderabad properties, and its directors have been asked to immediately submit a report stating the full inventory of the assets which will also include real estate in India properties obtained through cash raised by Viswas Real Estates to SEBI. They have been give a fortnight to furnish all the information and data. SEBI wants to collate all the data regarding the details of amount raised and refunded till date. They also want scheme wise list of investors with their contact numbers and current addresses alongwith all the audited accounts for the last few years, among others.
The market regulator has also barred the company from disposing any of the Hyderabad property or removing assets including India properties that were obtained directly or indirectly through the cash raised. Many real estate developer have deceived the public in the past few years and therefore SEBI is taking strict action to stall this practice.
Makaan.com has a comprehensive list of India properties and Hyderabad properties for buying, selling and renting properties across the real estate sector.
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