Sebi prohibits Silicon Projects from selling assets

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New Delhi | Published: February 9, 2017 7:02:09 PM

Market regulator Sebi has prohibited Silicon Projects India and its eight officials from selling various immovable and movable properties, as part of its efforts to recover dues worth little over Rs 18 crore.

 

In its latest order, the Securities and Exchange Board of India (Sebi) said "the funds available in the bank accounts and securities available in the demat accounts of the defaulters are not sufficient for recovery of the dues". (Reuters)In its latest order, the Securities and Exchange Board of India (Sebi) said ?the funds available in the bank accounts and securities available in the demat accounts of the defaulters are not sufficient for recovery of the dues?. (Reuters)

Market regulator Sebi has prohibited Silicon Projects India and its eight officials from selling various immovable and movable properties, as part of its efforts to recover dues worth little over Rs 18 crore. After finding that the company and its directors illegally raised funds from the public, the watchdog had earlier asked them to refund the money to investors.

In its latest order, the Securities and Exchange Board of India (Sebi) said “the funds available in the bank accounts and securities available in the demat accounts of the defaulters are not sufficient for recovery of the dues”.

The entities have now been barred from disposing of seven immovable properties as well as other movable assets, according to the order.

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

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Prohibiting the entities, the regulator said the company “may dispose or transfer or alienate the assets with a view to obstruct or delay the recovery proceedings, which needs to be prevented immediately by attaching the said assets”.

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

Sebi has also asked the entities to furnish complete details of all movable and immovable properties, among others, held by the company within two weeks.

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