Markets regulator SEBI has ordered attachment of bank and demat accounts of Sunplant Forgings, its promoters and directors, to recover dues worth over Rs 17 crore.
- The attachment order comes after SEBI, in April, had directed the company and its directors to refund Rs 17.51 crore to the investors which it had illegally raised along with an interest of 15 per cent per annum.
- The company had allotted redeemable preference shares to 6,000 persons without complying with the public issue norms.
Other Actions :
- The company and its promoters and directors had been barred from the securities markets for four years and this ban would continue till the completion of refund to investors.
- The regulator has slapped a penalty of Rs 5 lakh on Mangal Keshav Capital for alleged failure to make timely disclosures about its acquisition of shares in Arms Paper Ltd.
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