Sebi orders attachment of bank, demat accounts of 7 entities

New Delhi: Markets regulator Sebi has ordered
attachment of bank and demat accounts of seven entities to
recover total dues of about Rs 70 lakh.
The pending dues include fine imposed along with interest,
charges, expenses and other costs.
Attachment of bank and demat accounts of promoters and
directors of Riba Textiles - Ravinder Kumar Garg, Amit Garg,
Nitin Garg and Asha Garg - have been ordered to recover dues
worth Rs 25,25,055, collectively.
The latest orders came after the entities failed to pay
the fine imposed by the regulator for violation of various
capital market norms.
Similarly, the regulator has ordered attachment of bank
and demat accounts of Sarat Chander Manocha to recover Rs
13,02,479 for violating insider trading norms in the matter of
diversified group Lanco Infratech.
An amount of Rs 17,46,205 is to be recovered from Avail
Holdings after the firm failed to pay the penalty imposed by
Sebi for violation of capital market norms.
In another case, Sebi has passed attachment order for
Vishvas Securities to recover Rs 14,17,877, as the firm failed
to deposit the fine imposed for violation of stock broker
norms and indulging in fraudulent trade practice.
In separate orders, the Securities and Exchange Board of
India (Sebi) has directed banks to attach all accounts
including lockers held by the entities and has directed
depositories - NSDL and CDSL - to attach all demat accounts
of the defaulters.
The watchdog has also asked for various details of the
accounts held by the entities, including account statements.
Sebi has been given powers to attach properties and bank
accounts, among other things, of persons and entities which
have failed to comply with directions involving payment of
penalties and other dues.