Sebi orders attachment of bank, demat ac/s of Exelon Infra, 3 directors

Markets regulator Sebi has ordered the attachment of bank and demat accounts as well as mutual fund holdings of Exelon Infrastructure and its three directors to recover dues of over Rs 46 lakh.

In four separate but similarly worded orders dated July 12, the regulator said the four entities have not made payment of the dues within the stipulated time and there is sufficient reason to believe that they may dispose of the proceeds and securities in the respective bank and demat accounts.

The realisation of amount due would in consequence be "delayed or obstructed", the Securities and Exchange Board of India (Sebi) said.

Accordingly, the regulator has directed the banks to attach all the accounts, including lockers, held by the entities.

Also, the depositories -- NSDL and CDSL -- and all the mutual funds have been asked to attach their demat accounts and folios.

In August 2017, the regulator had imposed a total fine of Rs 42 lakh on Exelon and its three directors -- Srinivas Rao Marupadi, Shaik Ameer Basha and Ravinder Deshpande -- for failing to provide relevant information on issues including dealings in the shares of the firm, as sought by Sebi.

While Exelon was fined Rs 10 lakh for failing to furnish information, penalties of Rs 20 lakh, Rs 10 lakh and Rs 2 lakh were slapped on Marupadi, Basha and Deshpande, respectively.

As per the orders, the pending dues against the four entities, amounting to Rs 46.22 lakh, include interests on the initial penalty imposed as well as recovery costs.

Sebi has been given powers to attach properties and bank accounts, among other things, of entities which have failed to comply with the regulators directions involving payment of penalties and other dues.