Sebi heat on MARS Agrofarm, bank, demat accounts to be attached
DSIJ Intelligence / 20 May 2017
To recover the pending dues of over 25 lakh in a case related to illegal fundraising, Sebi has ordered the attachment of bank and demat accounts of MARS Agrofarm Developers.
To recover the pending dues of over 25 lakh in a case related to illegal fundraising, Sebi has ordered the attachment of bank and demat accounts of MARS Agrofarm Developers.
The order came from the regulator after four entities ducked Securities and Exchange Board of India (Sebi) direction to pay back the investors. The firm has allegedly fetched more than Rs 25 lakh from the investors through Redeemable Preference Shares (RPS) in 2011-12.
The pending dues include the returns due to the investors, along with further interest, all cost, charges and expenses incurred.
On May 18, SEBI directed banks to attach all accounts including lockers held by entities and also address NSDL and CDSL depositories to attach all demat accounts of the defaulter.
The security market regulator has the power to affix the properties and bank account of those persons and entities who failed to follow the direction of SEBI involving payment of penalty and dues.
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