Sebi orders demat, bank a/c freeze in Robinson Worldwide case

Tags: SEBI, Companies
Market watchdog Sebi has ordered attachment of bank and demat accounts of six entities to recover dues worth over Rs 22 lakh in Robinson Worldwide case.

The Securities and Exchange Board of India (Sebi) has to recover Rs 8.93 lakh from Mangiram Sharma, Rs 6.87 lakh from DPS Shares & Securities, Rs 3.76 lakh from Sachin Patil, Rs 91,537 from RajKumar Dinesh Masalia and Rs 91,521 each from Sujal Shah and Pratik Shah.

The dues include penalties imposed on the entities on charges of violating capital market norms in the matter of Robinson Worldwide Trade Ltd.

In six separate attachment orders dated July 11, Sebi has asked banks to attach all accounts, including lockers held by the entities.

Similarly, the regulator has directed depositories - NSDL and CDSL -- to attach all demat accounts of the defaulters.

Sebi informed the banks and the depositories that there was "sufficient reason" to believe that defaulters may dispose of the amounts in the accounts and "realisation of amount due under the certificate would in consequence be delayed or obstructed".

The regulator has also asked banks to attach the lockers held by the entities as well as "all other amount/proceeds due or may become due to the defaulters or any other money held or may subsequently hold for or on account of defaulter".

It has further ordered the banks and depositories that with immediate effect no debit would be made in these accounts until further directions from the market regulator.

However, the credits, if any, into the account may be allowed, Sebi said.

The watchdog has also asked for various details of the accounts held by the entities, including account statements.

EDITORIAL OF THE DAY

  • Electricity generators sit on hundreds of gigawatts waiting for buyers

    Be it a Lok Sabha, Rajya Sabha or a state legislature poll, power — as in electricity — remains a major issue on which elections are won or lost.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

A complex challenge for our PSUs

Till the mid-1990s, the central government and its companies were ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Dharmendra Khandal

The one in which a blue whale was washed ashore

Quite unexpectedly, a gigantic blue whale was washed ashore at ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture