Sebi orders freezing bank, demat accounts of Sunplant Forgings

Markets regulator Sebi has ordered attachment of bank and demat accounts of Sunplant Forgings, its promoters and directors, to recover dues worth over Rs 17 crore.
The attachment order comes after Sebi, in April, had directed the company and its directors to refund Rs 17.51 crore to the investors which it had illegally raised along with an interest of 15 per cent per annum.
The company had allotted redeemable preference shares to 6,000 persons without complying with the public issue norms.
Also, the company and its promoters and directors -- Abhinandan Kumar Singh, Sumanta Singh, Neeraj Pathak and Arup Kumar De -- had been barred from the securities markets for four years and this ban would continue till the completion of refund to investors.

As the firm failed to comply with the earlier directive, the regulator initiated attachment and recovery proceedings.
In an attachment order, Sebi has directed banks to attach all accounts, including lockers held by the company, its promoters and directors.

The watchdog has also asked for details of the accounts held by them, including account statements.
Similarly, it has directed depositories -- NSDL and CDSL -- to attach all demat accounts of the defaulters.
The regulator said there are sufficient reasons to believe that the defaulters may dispose of the amount and securities held in bank and demat accounts, respectively, and "realisation of amount due under the certificate would in consequence be delayed or obstructed".

The Securities and Exchange Board of India (Sebi) has been given powers to attach properties and bank accounts, among other things, of persons and entities that have failed to comply with directions involving payment of penalties and other dues.
In a separate order, the regulator has slapped a penalty of Rs 5 lakh on Mangal Keshav Capital for alleged failure to make timely disclosures about its acquisition of shares in Arms Paper Ltd.
Mangal Keshav Capital has violated the provisions related to PIT (Prohibition of Insider Trading) norm and SAST (Substantial Acquisition of shares) Regulations, Sebi said.