Sebi orders the attachment of bank, demat accounts of Arun Panchariya in GDR manipulation case
The Hindu
Sebi orders attachment of bank & demat accounts of Arun Panchariya to recover ₹26 crore dues for GDR manipulation.
Markets regulator Sebi has ordered the attachment of bank accounts as well as shares and mutual fund holdings of Arun Panchariya to recover dues totalling over ₹26 crore.
The penalty was imposed on Arun Panchariya for manipulation in the issuance of global depository receipts (GDRs) of Hiran Orgochem Ltd.
In an attachment notice on Monday, the markets watchdog has ordered attachment of bank as well as demat accounts of Panchariya to recover the pending dues.
The pending dues of ₹26.25 crore comprise the initial penalty amount, interest and recovery cost, it added.
Further, the capital markets watchdog has directed the banks to attach all accounts, including lockers, held by the defaulter.
The regulator said there is sufficient reason to believe that the defaulter may dispose of the amounts in the bank accounts and securities in the demat accounts and "realisation of amount due under the certificate would in consequence be delayed or obstructed".
In its notice, Sebi asked all banks, depositories, and mutual funds not to allow any debit from the account. However, credits have been permitted.
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