Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Sebi orders attachment to recover Rs 3.13 cr from Shiv Impexs

Jun 25 2014, 20:46 IST
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The pending dues to be paid by Shiv Impexs includes Rs 2.41 crore penalty imposed by the regulator on the entity in December 2011. The pending dues to be paid by Shiv Impexs includes Rs 2.41 crore penalty imposed by the regulator on the entity in December 2011.
SummaryThe pending dues to be paid by Shiv Impexs includes Rs 2.41 crore penalty imposed by the regulator on the entity in December 2011.

Sebi has directed attachment of bank and demat securities accounts of Shiv Impexs to recover pending dues worth about Rs 3.13 crore in a case related to irregularities in the IPO of Edserv Softsystems.

The pending dues to be paid by Shiv Impexs includes Rs 2.41 crore penalty imposed by the regulator on the entity in December 2011.

Shiv Impexs' actions were previously found to be for the purpose of diverting funds from Edserv Softsystems IPO proceeds.

Sebi has directed the banks to attach all accounts held by the Shiv Impexs "either singly or jointly with any other persons".

Besides, Sebi has asked depositories -- NSDL and CDSL -- to attach all demat accounts of securities held by the defaulter.

Sebi has also asked banks to attach the lockers held by the entities as well as "all other amount/proceeds due or may become due to the defaulters or any other money held or may subsequently hold for or on account of defaulter".

It has further ordered that while credits into the accounts are allowed, no debit shall be made from the accounts.

Among others, Sebi has also asked for details of the accounts held by Shiv Impexs.

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