Sebi freezes bank, demat accounts of Gemini Communication

Sebi has ordered attachment of bank as well as demat accounts of Gemini Communication to recover dues worth over Rs 11 lakh for violations of capital market norms.
The pending dues include a fine imposed on the firm, along with interest and recovery cost.
The Securities and Exchange Board of India (Sebi), through an order last year, imposed the penalty on Gemini for violating capital market regulations.
Exercising its powers to recover penalty from defaulters, Sebi has ordered the attachment of the company's bank and demat accounts to recover dues worth about Rs 11.30 lakh.
In an attachment order passed today, Sebi has asked banks to attach all accounts, including lockers, held by the company.

In addition, Sebi also directed the banks to provide details of all the accounts of the firm as well as loan and advances made by the company.

Similarly, the regulator has directed depositories, including NSDL, to attach all demat accounts of the defaulter.
Sebi told the banks and the depositories that there was "sufficient reason" to believe that defaulter may dispose of the amount or securities in the bank and securities accounts, respectively, and "realisation of amount due under the certificate would in consequence be delayed or obstructed".
The market regulator has been given powers to attach properties and bank accounts, among other things, of persons and entities which have failed to comply with directions involving payment of penalties and other dues.