After attaching the bank and demat accounts of Pancard Clubs and its directors, securities markets regulator SEBI on Wednesday prohibited the entities from disposing of 34 immovable properties, along with various other movable assets, to recover dues of over ₹7,000 crore.

Insufficient to meet dues

The latest direction came after SEBI found that the funds available in the bank accounts and securities available in the demat accounts of the defaulters were not sufficient to recover the dues.

The attachment order was initiated after the company failed to comply with SEBI’s direction in February this year to refund over ₹7,000 crore to investors raised through illegal collective investment schemes (CIS).

In its latest order, SEBI said, “It is felt that the defaulters may dispose of or transfer or alienate the assets with a view to obstruct or delay the recovery proceedings, which need to be prevented immediately. Accordingly, the watchdog has prohibited the firm from selling 27 immovable properties and its one director Sudhir Shankar Moravekar from disposing seven properties held by him.

The properties include land parcels, resorts, buildings and office spaces, among others, across the country.

Further, the entities have been barred from disposing, transferring, alienating or creating a charge on the properties attached.

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

Published on December 21, 2016