Sebi prohibits Parasrampuria Plantations from selling assets

Markets regulator Sebi today prohibited Parasrampuria Plantations from selling various immovable and movable properties, as part of its efforts to recover dues worth over Rs 75 crore.
Besides, the company has been restrained from disposing, transferring or alienating the shareholdings held with various companies.
After finding that the company and its directors illegally raised funds from the public, the watchdog had earlier asked them to refund the money to investors.
The entities have now been barred from disposing of 377 immovable properties as well as other movable assets, according to an order passed by Sebi's Recovery Officer D V Sekhar.

The regulator has already initiated the recovery process as part of which various bank accounts and mutual funds folios of the company have been attached.
In its latest order, Sebi said, "The funds available in the bank account and securities available in the demat accounts of the defaulters are not sufficient towards the dues".

"In order to protect the interest of the investors ... it is felt necessary to immediately attach the assets of the defaulter company held in various name of promoters/directors, connected entities and also in the name of third party agriculturalist ...," Sebi said.
The company has been barred from disposing, transferring, alienating or creating a charge in respect of the properties attached.

Sebi has also asked the entities to furnish complete details of all movable and immovable properties, among others, held by the company within two weeks.