Disc Assets: Sebi to approach EOW to recover investors' money

Markets regulator Sebi today said it will take up the matter of illegal mobilisation of funds by Disc Assets Lead India with the Economic Offences Wing (EOW) for recovery of investors' money totalling Rs 1,137 crore along with interest from sale of seized assets.
It will also seek details of the proceedings initiated against the company and its directors by the EOW.
Disc Assets Lead India Ltd (DALIL) was running a collective investment scheme without securing Sebi's approval and had raised funds from investors through various schemes for "purchase, development and maintenance of agricultural land".
In an order passed today, the regulator said it "shall take up the case with EOW to record Sebi's claim with EOW of Rs 1,137 crore plus interest payable to the investors of DALIL against the proceeds of sales, if any, effected by EOW."

EOW has already initiated proceedings against the company and its directors and seized the properties.
The regulator has also requested EOW to give prior information to Sebi in case it decides to release any of the assets seized.

"DALIL and its directors are directed not to alienate any of their assets in any form till the full repayment to investors is effected," Sebi said.
The regulator would not take any further coercive steps for implementation of its order passed in March 2016 till EOW completes its proceedings.
The Securities and Exchange Board of India (Sebi), in March this year, had barred the company from raising fresh money from investors and also directed the firm to wind up its existing schemes.