Sai Prasad Foods Ltd and its promoters Balasaheb K. Bhapkar, Vandana B. Bhapkar and Shashank B. Bhapkar have been directed by SEBI not to collect money from the public, launch new schemes, dispose of property and divert funds.
The securities market regulator found them running a collective investment scheme by offering plans through joint ventures.
Giving the same directions, SEBI also passed another order against Sai Prasad Properties Ltd and its promoters Balasaheb K. Bhapkar and Vandana B. Bhapkar for running a collective investment scheme.
Both companies and their promoters have to file their replies within 15 days.