Sebi orders defreezing of bank, demat accounts of MTZ Polyfilms

Sebi has ordered defreezing of bank and demat accounts of MTZ Polyfilms after the company paid the penalty of Rs 1 lakh imposed by the market regulator for violation of norms.

The Securities and Exchange Board of India (Sebi), on January 15 this year, had attached bank and demat accounts of MTZ Polyfilms to recover penalty imposed by it for violating securities market norms.

"...The defaulter has paid the entire dues to the satisfaction," Sebi said in an order yesterday.

Consequently, Sebi has directed the banks to release the bank and demat accounts of the defaulter with immediate effect.

Sebi was recently given power to recover penalties from defaulters.

In March, the president of India had re-promulgated the ordinance for the third time that provides more powers to Sebi, including attachment of assets in cases of non-compliance.