NEW DELHI :
Markets regulator Sebi on Wednesday ordered attachment of financial institution accounts in addition to share and mutual fund holdings of Rana Kapoor, former MD and CEO of Sure Financial institution, to recuperate dues of over ₹1 crore.
The choice has been taken after Kapoor didn’t pay the advantageous imposed on him.
Sebi, in September 2020, had levied a advantageous of ₹1 crore on Kapoor for not making disclosures concerning a transaction of Morgan Credit score, which was an unlisted promoter entity of Sure Financial institution.
By not disclosing concerning the transaction to Sure Financial institution’s board of administrators, Kapoor created an opaque layer between him and stakeholders and violated the availability of the LODR (Itemizing Obligations and Dislcosure Necessities) Regulation, Sebi had stated within the order.
Additional, the Securities and Change Board of India (Sebi) issued a requirement discover to Kapoor in February this 12 months, though he didn’t pay any dues.
The pending dues, totalling ₹1.04 crore, embody an preliminary advantageous of ₹1 crore and an curiosity of ₹4.56 lakh and a restoration value of ₹1,000, the attachment discover confirmed on Wednesday.
Within the discover, Sebi has requested banks, depositories and mutual funds to not permit any debit from the accounts of Kapoor. Nevertheless, credit have been permitted.
Additional, the regulator has directed the banks to connect all accounts, together with lockers, held by the defaulter.
“Whereas no quantity has been paid by the defaulter (Kapoor).
“There may be enough motive to imagine that the defaulter could get rid of the quantities/ proceeds within the banks accounts held along with your financial institution and realisation of quantity due beneath the certificates would in consequence be delayed or obstructed,” Sebi stated.
In a discover to all banks within the nation, the regulator ordered to “connect with speedy impact…all accounts by no matter identify, together with lockers of the defaulter, held both singly or collectively with every other individual, in your financial institution”.
The regulator has additionally requested banks, depositories and mutual funds to offer particulars of all accounts held by Kapoor, together with copy of account statements for the previous one 12 months. It has additionally sought full data of all mortgage accounts and advances.