Sebi orders freezing of bank, demat a/c of Aspen Projects

Markets regulator Sebi today ordered attachment of bank and demat accounts of Aspen Projects India and its directors to recover dues worth Rs 39 crore for violation of capital market norms.
The recovery order comes after the company failed to comply with Sebi's earlier directive to refund the investors' money which it had raised illegally.
Exercising its powers to recover penalties from defaulters, Securities and Exchange Board of India (Sebi) has ordered attachment of bank and demat accounts of the company to recover dues worth over Rs 38.94 crore.
In an attachment order dated January 20, Sebi has directed banks to attach all accounts including lockers held by the company.

Similarly, the regulator has directed depositories -- NSDL and CDSL -- to attach all demat accounts of the company and its directors.
There is sufficient reason to believe that the defaulters may dispose of the amount in the bank account and securities in the demat account, the regulator said.
The watchdog has also asked for various details of the accounts held by the company and its directors including account statements.
Sebi 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.