INSUBCONTINENT EXCLUSIVE:
Markets regulator Sebi has ordered attachment of bank and demat accounts, along with mutual fund folios, of Lokmangal Agro Industries and
its directors to recover dues of around Rs 75 crore.
The move comes after regulator in May 2018 had directed firm and its seven directors to
refund amount of Rs 74.82 crore which they had illegally raised from investors, along with an interest of 15 per cent per annum.
Besides,
they were banned from securities market for at least four years.
The funds were raised in contravention of provisions of Companies Act and
ICDR (Issue of Capital and Disclosure Requirements) Regulations, regulator said.
However, "even after more than six months from date of
order and having acknowledged receipt of order, defaulters have failed to furnish any report of repayment as per directions of Sebi,"
regulator said in its order on Thursday.
Apart from firm, other defaulters in case are Smita Subhash Deshmukh, Vaijnath Nagappa Lature,
Audumber Sandipan Deshmukh, Shahaji Gulchand Pawar, Gurrana Apparao Teli, Mahesh Satishchandra Deshmukh and Parag Suresh Patil.
Accordingly,
Securities and Exchange Board of India (Sebi) has ordered attachment of demat accounts and mutual fund folios of entities and directed that
no debit shall be made in these accounts until further orders.
