Sebi bars Sunshine Infrabuild, directors from selling assets

Markets regulator Sebi has prohibited Sunshine Infrabuild Corp and its four directors from selling various movable and immovable properties, as part of its efforts to recover over Rs 35 crore dues.
After finding the company and its directors of illegally raising funds from the public, the watchdog had earlier asked them to refund the money.
These entities have been now barred from disposing of 16 immovable properties as well as other movable assets. These include office spaces, land parcels and investment in flats according to an order passed by Sebi's Recovery Officer Mohammad Atif Alvi on April 25.
The regulator has already initiated the recovery process as part of which various bank accounts and mutual funds have been attached.

The defaulters "may dispose or transfer or alienate the assets with a view to obstruct or delay the recovery proceedings, which needs to be prevented immediately by attaching the said assets," the order said.
They have been barred from disposing, transferring, alienating or creating a charge in respect of the properties attached.
Besides, Sebi has asked the entities to furnish complete details of all movable and immovable properties held by the company within two weeks.