Sebi issues order attaching accounts of Gemini Communications

The company allegedly failed to pay penalty of Rs 10 lakh imposed by the market regulator

Securities and Exchange Board of India (Sebi) has issued an order attaching all accounts including lockers of defaulters of Gemini Communications as part of proceedings for recovery of Rs 11.30 lakh as the company allegedly failed to pay the penalty of Rs 10 lakh imposed by the market regulator.

According to the notice of attachment issued by Sebi to all the banks and mutual funds in India, the penalty imposed by the Adjudicating officer through an order in August 4, 2014, was of Rs 10 lakh.

The dues also include Rs 1.29 lakh as interest from August 4, 2014 to September 2, 2015 at 12 per cent interest and a recovery cost of Rs 1,000.

The notice issued today state that no debit shall be made in these accounts until further orders from the Recovery Officer of Sebi, though credits, if any, into the account may be allowed.

Earlier reports indicate that the market regulator has imposed penalty on the company for making wrong disclosures of its promoters shareholding.