The Securities and Exchange Board of India (Sebi) has ordered attachment of bank and Demat accounts of Aspen Industries and four entities to recover Rs 2.84 crore. The recovery proceedings have been started against them after they failed to repay investor's money as directed by the Sebi in July 2017.

The company raised funds through non-convertible debentures from investors without complying with public issue norms. In an attachment notice on Thursday,  the market regulator said the defaulters have already been given adequate time to disgorge the amount. However, they have not shown any interest to comply with the regulator's direction.

Accordingly, Sebi has ordered attachment of bank as well as demat accounts and mutual fund folios of Aspen Industries Limited, Aspen Debenture Trust, Bhaskar Saha, Abhijit Dasgupta and Ujjal Kumar Roy. Sebi asked banks and depositories not to allow any debit from the accounts of these entities. However, credits have been permitted.

Further, the Sebi has directed the banks to attach all accounts including lockers held by the defaulters. It also said there is sufficient reason to believe that the defaulters may dispose of the amounts in the bank accounts and securities in the Demat accounts and "realisation of the amount due under the certificate would, in consequence, be delayed or obstructed".

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