Sebi orders attachment of 25 properties of 3 firms

To recover dues, markets watchdog Sebi has ordered attachment of a total of 25 properties of Infinity Realcon, Weird Industries and Greenworld Agro Industries, which had raised money illegally from the public.
The properties being attached include land parcel, residential flat and commercial apartment.
Most of these assets are located in West Bengal, as per the attachment order wherein Sebi has also asked the companies and its directors to provide full details of all their movable and immovable properties.
Out of the 25 properties being attached, 10 belong to Infinity Realcon, Weird Industries (9) and Greenworld (6).
The Securities and Exchange Board of India (Sebi) had earlier attached their demat and bank accounts after directives asking them to refund investors' money along with interest did not materialise.

The companies had raised crores of rupees from investors via issuance of non-convertible debentures (NCDs) and redeemable preference shares (RPS) without complying with the public issue norms.

"The funds available in the bank accounts and the securities available in the demat accounts of the defaulters (the companies and their directors) are not sufficient for recovery of the dues," Sebi said three similar-worded orders.
Therefore, to prevent these entities from disposing of transferring or alienating the assets with a view to obstruct the recovery proceedings, the regulator has ordered attachment of properties owned by them.
The regulator said it has learnt the defaulters are in possession of certain properties and they may dispose of, transfer or alienate the assets to obstruct or delay the recovery of investors money and therefore it was ordering the attachment.

Giving a list of all such properties, Sebi said that "all persons are hereby prohibited from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties mentioned above, which stand attached in execution of the recovery certificate".