Sebi bars Aspen Projects India, directors from selling assets

By: | Published: May 12, 2016 11:42 AM

Markets regulator Sebi has prohibited Aspen Projects India and its seven directors from selling various movable and immovable properties, as part of its efforts to recover Rs 39 crore dues.

SebiAfter finding Aspen Projects India’s and its directors illegally raising funds from the public, Sebi had earlier asked them to refund the money. (Reuters)

Markets regulator Sebi has prohibited Aspen Projects India and its seven directors from selling various movable and immovable properties, as part of its efforts to recover Rs 39 crore dues.

After finding Aspen Projects India’s and its directors illegally raising funds from the public, Sebi had earlier asked them to refund the money.

The entities have been now barred from disposing of 10 immovable properties as well as other movable assets, according to an order passed by Sebi’s Recovery Officer Manjesh Roy.

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

In its latest order, Sebi said “the funds available in the bank account and securities available in the demat accounts of the defaulters are not sufficient for recovery of the dues”.

The defaulters “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 order said.

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

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

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