Sebi orders attachment of bank, demat accounts of Sunshine Global Agro, others

Markets regulator Sebi has ordered attachment of bank and demat accounts of Sunshine Global Agro and its directors to recover dues totalling over Rs 1 crore.

The recovery proceedings have been initiated against the entities after they failed to pay Rs 1 crore fine imposed on them by Securities and Exchange Board of India (Sebi) in March 2019.

The penalty was imposed on them as the company mobilised over Rs 38 crore from 39,290 investors through unregistered collective investment schemes.

In an attachment notice on Wednesday, Sebi has ordered attachment of bank as well as demat accounts of Sunshine Global Agro and its directors to recover the pending dues.

The pending dues of Rs 1.09 crore comprises, initial penalty amount, interest and recovery cost, it added.

Sebi asked banks and depositories not to allow any debit from the accounts of these entities. 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 amount due under the certificate would in consequence be delayed or obstructed”.

Earlier in 2018, Sebi had ordered attachment of several properties of Sunshine Global Agro and its directors to recover investors’ money.

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