SEBI cracks whip against defaulters; to auction jewellery to recover dues
DSIJ Intelligence / 20 Mar 2017
In a crackdown on defaulters, market watchdog Securities & Exchange Board of India (SEBI) has begun auction of jewellery in addition to taking possession of the defaulters' land and buildings.
In a crackdown on defaulters, market watchdog Securities & Exchange Board of India (SEBI) has begun auction of jewellery in addition to taking possession of the defaulters' land and buildings.
In a recent action against Maharashtra-based Sai Prasad Group, SEBI announced e-auction of 48 ornaments of gold, composite ornaments with 50-carat weighing diamond and 254 grammes of gold to recover illicit funds raised by the group. The reserve price of gold items has been fixed at Rs 68.85 lakh, whereas the composite jewellery is priced at Rs 82.2 lakh for the auction on April 11, 2017.
The auction is in accordance with the orders of MPID court, where Sai Prasad Group's case is proceeding under the Maharashtra Protection of Interest of Depositors (in financial establishment) Act.
Sai Prasad Group had collected thousands of crores of rupees from the public through illicit investment schemes. The market regulator's decision has come after the issuance of numerous recovery orders against the group.
Previously, the regulator used to attach assets such as buildings, bank accounts and demat accounts of the defaulters to recover dues.
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