 "Market regulator Sebi issues show-cause notice to Essel's Amit Goenka")
The regulator has directed them to not dilute or sell their holdings in the company. In an interim order, Sebi noted that Shirpur had allegedly created a scheme to divert funds from debtors to entities of promoter groups.
“It appears that the main reason for Shirpur's defaults to lenders is non- receipt of funds from its debtors amounting to Rs 404 crore. The same appears to be part of a well-designed scheme devised by promoters to move the funds out of Shirpur and transfer to their accounts while misusing the IBC process,” noted whole-time member of Sebi, Ashwani Bhatia in an order. Sebi has given 21 days to Goenka and the others to file responses or objections.