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Sebi bars 4 firms from selling assets to recover Rs 1200 cr

Markets regulator Sebi has prohibited four companies from selling various immovable and movable properties as part of its efforts to recover dues totalling over Rs 1,200 crore.

By: | New Delhi | Published: September 22, 2016 11:26 PM
Markets regulator Sebi has prohibited four companies from selling various immovable and movable properties as part of its efforts to recover dues totalling over Rs 1,200 crore. (Reuters) Markets regulator Sebi has prohibited four companies from selling various immovable and movable properties as part of its efforts to recover dues totalling over Rs 1,200 crore. (Reuters)

Markets regulator Sebi has prohibited four companies from selling various immovable and movable properties as part of its efforts to recover dues totalling over Rs 1,200 crore. The companies are Mega Mould India, Promotech Infratech, Megasys Medi life and Mangalam Agro Products. After finding that the companies and their directors illegally raised funds from the public, the watchdog had earlier asked them to refund the money to investors.

While Mega Mould India owes Rs 888 crore to Sebi, an amount of Rs 331.77 crore, 11 crore and Rs 52.79 lakhs is to be recovered from Promotech Infratech, Mangalam Agro Products and Megasys Medi life, respectively.

In four separate orders, Sebi said, “The funds available in the bank account and securities available in the demat accounts of the defaulters are not sufficient towards the dues”.

The entities have now been barred from disposing of a total of 46 immovable properties as well as other movable assets, according to orders passed by Sebi’s Recovery Officer Manjesh S Roy.

The regulator has already initiated the recovery process as part of which various bank and demat accounts of the companies have been attached.

The companies have been barred from disposing, transferring, alienating or creating a charge in respect of the properties attached.

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