Markets regulator Sebi Thursday ordered attachment of bank and demat accounts as well as mutual fund folios of Sai Prasad Corporation, its three directors to recover dues of over Rs 1 crore.
The recovery proceedings were initiated after the entities failed to pay the fine imposed by the Sebi. The Rs 1 crore fine was imposed on them in July for mobilising funds from investors despite being prohibited by capital markets watchdog.
The total dues to be recovered from the entities is Rs 1.04 crore, which includes the initial fine of Rs 1 crore and 12 per cent interest per annum.
On Thursday, the Sebi in an order directed the banks to attach all accounts, including lockers held by the entities.
Also, the watchdog has directed National Securities Depository and Central Depository Services (India) and all the mutual funds to attach their demat accounts and folios.
Last week, the regulator said it will auction as many as 162 properties of Sai Prasad Group of firms and three of its directors next month in order to recover funds worth thousands of crores raised by the entity through illicit collective investment schemes.
Among the companies whose properties will be auctioned are - - Sai Prasad Corporation, Sai Prasad Properties and Sai Prasad Foods, while the directors are -- Balasaheb Bhapkar, Shashank Bhapkar and Vandana Bhapkar.
In separate orders, the Securities and Exchange Board of India (Sebi) has ordered attachment of bank and demat accounts and mutual fund folios of nine entities to recover amount of over 89 lakhs.
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