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To reclaim around ₹115 crore, capital markets regulator SEBI on Wednesday ordered attachment of nine properties related to GN Dairies and three others in a case of illegal fundraising.
The properties being attached are plots, office premises and shops located in several places including New Delhi, Ujjain, Bhopal, Indore and Pune, the Securities and Exchange Board of India (SEBI) said in a notice.
Noting that the defaulters own as many as nine properties, SEBI felt that they may dispose or alienate the assets with a view to obstruct or delay the recovery proceedings, which needs to be prevented immediately by attaching these assets.
Accordingly, the regulator has attached these properties and prohibited the entities from disposing of, transferring or alienating these assets.
The regulator prohibited entities concerned “from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties...which stands attached in execution of recovery certificate“.
Further, they have been directed to furnish complete details of all the movable and immovable properties held by them, and charges if any, in a prescribed format, along with original title deeds of the properties within two weeks.
The recovery proceedings have been initiated against the company and three others-- Sunil Datt, Hardeep Singh Wahla and Ranjodh Singh -- for their failure to pay around ₹115 crore, along with interest, to investors.
As part of the proceedings, SEBI in March 2016, attached the bank as well as share and mutual fund holding of the company and three others. However, they failed to pay dues and did not even respond to the regulator’s demand notice.
In November 2014, the regulator had asked GN Dairies to wind up unauthorised dairy investment scheme run by it and to refund investors’ money within three months.
SEBI had found that the company was seeking funds from public on the promise of high returns in the name of trading of cattle and ghee, without obtaining a requisite certificate from the market regulator.
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