Securities and Exchange Board of India (Sebi) has ordered the attachment of three properties related to GCA Marketing and two others to recover Rs 428 crore in a case related to unauthorised fundraising. These properties are located in Jhansi (Uttar Pradesh), the market regulator said in a notice on Wednesday.
Noting that the defaulters are in possession of as many as three 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.
Sebi prohibited the 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. As part of the proceedings, Sebi in September 2018, attached the bank accounts as well as share and mutual fund holding of the company, Cheema and Singh. However, they failed to pay the dues and did not even respond to the regulator's demand notice.
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