Sebi orders attachment of bank, demat accounts of ATM Agro, Sunshine Agro to recover Rs 21 cr

Sebi orders attachment of bank, demat accounts of ATM Agro, Sunshine Agro to recover Rs 21 cr


Markets regulator Sebi has requested connection of ledgers, share and common asset possessions of ATM Agro Industries and Sunshine Agro Infra just as their chiefs as a feature of its work to recuperate over Rs 21 crore.

The recuperation procedures have been started against them after they neglected to reimburse financial specialists’ cash, as coordinated by the Securities and Exchange Board of India (Sebi) in 2016.

The two organizations had raised assets from speculators without agreeing to public issue standards.

ATM Agro Industries gathered supports unlawfully through issuance of redeemable inclination shares (RPS) and made sure about redeemable non-convertible debentures (NCD).

According to Sebi, the organization had raised Rs 5.62 crore by giving RPS to 300 financial specialists. It had additionally gathered Rs 15.62 crore from in any event 1,232 individuals. These assets were raised between 2011-12 and 2012-13.

Daylight Agro Infra had raised assets by giving RPS to financial specialists in 2011-12.

The forthcoming levy remain at Rs 21.24 crore for ATM Agro Industries and Rs 12.68 lakh for Sunshine Agro Infra.

In two separate connection sees gave on Tuesday, Sebi asked banks and safes not to permit any charge from the records of these defaulters. Notwithstanding, credits have been allowed.

Further, the capital markets guard dog guided banks to append all records, including storage spaces, held by the defaulters.

The regulator said there is adequate motivation to accept that the defaulters may discard the sums in ledgers and protections in demat records and “acknowledgment of sum due under the authentication would in result be deferred or impeded”.

Independently, the regulator requested connection of bank, demat accounts just as common asset folios of five substances – Pepson Steels, Stream Suppliers (once in the past known as Finelink Suppliers ), Benko Traders, Suruchi Distributors and Blackcherry Commosale to recuperate Rs 56 lakh.

The forthcoming contribution incorporate the underlying fine sum, ejection sum, premium and recuperation cost.

The move comes after the elements didn’t take care of the financial punishment forced on them for abusing protections market standard in the matter of illiquid investment opportunities on BSE.

Credit: Stocks-Markets-Economic Times

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