The Security and Exchange Board Notice for attachment of bank accounts, Demat, and Mutual Fun folio(s) related to Videocon Realty and Infrastructure Ltd.
The security market regulator has ordered attached under Section 28A(1)(b) which empowers the recovery officer to attach the bank accounts of defaulters.
The Recovery Officer has drawn recovery proceedings on September 30, 2024, for a sum of ₹34,26,000.
The recovery officer has also imposed a penalty of ₹9,25,000 for non-payment of penalty from September 2021 to September 2024 on the penalty of ₹25,00,000 imposed on 28 September 2021 in the matter of Videocon Industries Ltd.
The security market regulator has directed banks for no debits to the extent of the total dues as said in the recovery notice, however, allowing for credits.
The notice of attachment is under in exercise of powers conferred under section 28A(1), 11(2) (ia) of SEBI Act, 1992 r/w section 226 and the second schedule to the Income Tax Act, 1961.
