Sebi orders attachment of bank, demat accounts of Alchemist Holdings, 3 others

Sebi orders attachment of bank, demat accounts of Alchemist Holdings, 3 others

The recovery proceedings have been initiated against the entities after they failed to refund investors money as directed by the Securities and Exchange Board of India (Sebi).

PTIUpdated: Friday, April 02, 2021, 09:38 PM IST
article-image
SEBI | PTI

Markets regulator Sebi has ordered attachment of bank as well as demat accounts of Alchemist Holdings and three individuals to recover investors money to the tune of Rs 444.67 crore.

The recovery proceedings have been initiated against the entities after they failed to refund investors money as directed by the Securities and Exchange Board of India (Sebi).

The regulator, in August 2015, had asked Alchemist Holdings and its directors to refund investors money. The company had mobilised Rs 444.67 crore through the issuance of redeemable preference shares to 4.26 lakh people.

In an attachment notice on Thursday, Sebi has asked banks and depositories not to allow any debit from the accounts of Alchemist Holdings and three individuals-- Brij Mohan Mahajan, Vikramaditya Singh and Chadra Shekhar Chauhan. However, credits have been permitted.

Further, the regulator has directed the banks to attach all accounts, including lockers, held by them.

Sebi said there is strong apprehension that the defaulters may dispose of the securities in the Demat accounts or mutual funds folio and "realisation of the amount due under the certificate would, in consequence, be delayed or obstructed." In a notice to all banks in the country, the regulator ordered to "attach with immediate effect... all accounts by whatever name, including lockers of the defaulters, held either singly or jointly with any other person, in your bank".

The regulator has also asked banks and depositories to provide details of all accounts held by defaulters, including a copy of account statements for the past year. It has also sought complete information of all loan accounts and advances.

RECENT STORIES

With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds:...

With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds:...

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Lamborghini Unveils First Logo Redesign In 20 Years

Lamborghini Unveils First Logo Redesign In 20 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years

Skoda Superb Poised For Return To India – Speculated Launch On April 3!

Skoda Superb Poised For Return To India – Speculated Launch On April 3!