Sebi orders attachment of Basil International's assets

To recover pending dues worth Rs 92 crore, markets regulator Sebi has ordered attachment of properties of Basil International and its directors that had raised money illegally from the public.

The regulator has attached three properties, including land parcels and movable properties of the defaulters.

The assets are located in Jharkhand and West Bengal, according to the attachment order wherein Sebi has also asked the company and its directors to provide full details of all their movable and immovable properties.

The Securities and Exchange Board of India (Sebi) had earlier attached their mutual fund portfolios, bank and demat accounts after directives asking them to refund investors' money along with interest did not materialise.

The companies had raised Rs 92 crore from investors via issuance of redeemable preference shares to investors without complying with the public issue norms.

To prevent these entities from disposing of transferring or alienating the assets with a view to obstructing the recovery proceedings, the regulator has ordered attachment of properties owned by them.

"All persons are hereby prohibited from taking any benefits under such disposal, transfer or alienation or charge in respect of the properties. Which stands attached in execution of recover proceedings," Sebi said in an order.

The defaulters have been asked to furnish complete details of all the movable and immovable properties held by them and charges, if any, in a prescribed format.