Sebi prohibits 7 cos from selling assets to recover Rs 60 cr

Markets regulator Sebi has barred seven companies from selling various movable and immovable properties as part of its efforts to recover over Rs 60 crore pending dues.
Besides, the firms have been barred from disposing, transferring, alienating or creating a charge in respect of the properties attached.
The companies are Sunplant Forgings, Sunheaven Agro India, Purasattam Infotech Industries, Just-Reliable Projects India, Adarsh Wealth Ventures, AM Fund Managers and Magnox Infraprojects.
After finding that the firms and their directors illegally raised funds from the public, the watchdog had earlier asked them to refund the money to investors which they failed in doing so.

The regulator has already initiated the recovery process as part of which various bank accounts and mutual funds folios of the companies have been attached.
"The funds available in the bank accounts and securities available in the demat account of the defaulters are not sufficient for recovery of the dues," Sebi said in seven separate and similarly-worded orders.
An amount of Rs 17.51 crore has to be recovered from Sunplant Forgings, Rs 11.54 crore from Sunheaven Agro India, Rs 2.90 crore from Purasattam Infotech Industries, Rs 11.43 crore from Just-Reliable Projects India, Rs 14.28 crore from darsh Wealth Ventures, Rs 1.21 crore from AM Fund Managers and Rs 2.31 crore from Magnox Infraprojects.

Sebi has also asked the entities to furnish complete details of all movable and immovable properties, among others, held by the company within two weeks.