Markets regulator Sebi has ordered attachment of bank as well as demat accounts of Roselabs Finance Ltd to recover dues worth a little over Rs 2.75 crore.
The recovery proceedings have been initiated against the company after it failed to pay the fine imposed on it.
The fine of Rs 2.54 crore was imposed by the Securities and Exchange Board of India (Sebi) in December 2019 for violating securities market norms by conducting fraudulent trading in the scrip of Gujarat Arth Ltd.
The order came following an investigation conducted by Sebi in the scrip of Gujarat Arth between October 2003 and January 2004.
The pending dues -- a little over Rs 2.75 crore-- include the initial fine amount of Rs 2.54 crore, interest of Rs 21.68 lakh and a recovery cost of Rs 1,000.
In an attachment notice issued on Tuesday, Sebi asked banks and depositories not to allow any debit from the accounts of the defaulter company. However, credits have been permitted.
Further, the capital markets watchdog has directed the banks to attach all accounts, including lockers, held by the defaulter.
The regulator said there is sufficient reason to believe that the defaulter 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".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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