Sebi orders to attach bank, demat accounts of entities to recover Rs 3.24 cr dues

By: |
March 08, 2021 5:25 PM

The recovery proceedings have been initiated against the entities after they failed to pay the Rs 3 crore fine imposed on them by Sebi in May 2020 in the case of alleged insider trading in the shares of erstwhile Bank of Rajasthan.

The entities are -- Premkumar Gupta, Navin Kumar Tayal, Jyotika Sanjay Tayal, Advik Textiles & Realpro Pvt Ltd, Kulwinder Kumar Nayyar and Azam Mohammed Ashan Shaikh.The entities are -- Premkumar Gupta, Navin Kumar Tayal, Jyotika Sanjay Tayal, Advik Textiles & Realpro Pvt Ltd, Kulwinder Kumar Nayyar and Azam Mohammed Ashan Shaikh.

Markets regulator Sebi has ordered attachment of bank as well as share and mutual fund holdings of six entities to recover dues of Rs 3.24 crore in the case of erstwhile Bank of Rajasthan. Bank of Rajasthan (BoR) has now merged with ICICI Bank.

The recovery proceedings have been initiated against the entities after they failed to pay the Rs 3 crore fine imposed on them by Sebi in May 2020 in the case of alleged insider trading in the shares of erstwhile Bank of Rajasthan.
The entities are — Premkumar Gupta, Navin Kumar Tayal, Jyotika Sanjay Tayal, Advik Textiles & Realpro Pvt Ltd, Kulwinder Kumar Nayyar and Azam Mohammed Ashan Shaikh.

In an attachment notice on Friday, Sebi has ordered attachment of bank, demat accounts and mutual fund folios of the entities to recover the pending dues.

The pending dues of Rs 3.24 crore comprise the initial penalty amount, interest and recovery cost, it added.
Sebi asked banks and depositories not to allow any debit from their accounts. However, credits have been permitted.
Further, the capital markets watchdog has directed the banks to attach all accounts, including lockers, held by the defaulters.

The regulator said there is sufficient reason to believe that the defaulters may dispose of the amounts in the bank accounts and securities in the demat accounts and “realisation of the amount due under the certificate would, in consequence, be delayed or obstructed”.

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