SEBI Issues Attachment Order In Eros International Media Case, See What The Regulator Said

The regulator in its notices ordered that the bank, demat accounts, and mutual fund folios of ten individuals should be attached to recover the pending dues.

SEBI levied penalties worth an overall of Rs 2 crore on 17 entities in October last year, including these 10 individuals citing non-compliance with the regulator’s investigation in Eros Media.

Source : PTI

The Securities and Exchange Board of India (SEBI) ordered 10 bank accounts, shares, and mutual funds holdings of 10 individuals to be attached to recover Rs 1.25 crore. The regulator said that the entities failed to comply with SEBI’s investigation in the matter of Eros International Media Ltd.

Issuing 10 separate orders on Thursday and Friday, the capital markets regulator said that the recovery proceedings were commenced against ten individuals, namely, Manisha Kumari Singh, Sutapa Mukherjee, Gourab Ray Chaudhari, Vinod Kumar Agarwal, Sumit Bhoot, Dev Govind Binani, Abhishek Das, Debjit Medda, Anindya Bikas Datta, and Debosmita Ghosh Dastidar. The regulator noted that these individuals failed to pay the fine levied on them by the organisation, reported PTI.

The regulator in its notices ordered that the bank, demat accounts, and mutual fund folios of these individuals should be attached to recover the pending dues. An overall due of Rs 1.25 crore is pending with these individuals including the due amount, interest, and recovery costs, the orders revealed.

In the notices, the regulator said, “There is sufficient reason to believe that the defaulters may dispose of the bank accounts and securities in the demat accounts or mutual fund folios and realisation of the amount due under the certificate would, in consequence, be delayed or obstructed. Accordingly, the regulator has asked all banks, depositories, mutual funds not to allow any debits from the accounts of these individuals.”

However, SEBI has not restricted any credits to these accounts. The watchdog has directed all banks to attach all the accounts of the defaulters, including the lockers. 

Notably, SEBI levied penalties worth an overall of Rs 2 crore on 17 entities in October last year, including these 10 individuals citing non-compliance with the regulator’s investigation and failure to provide complete and timely information in the case of Eros International Media Ltd. 

The case regards the alleged financial irregularities and mismanagement of agreements between Eros International Media Ltd and Spicy Entertainment & Media Ltd, along with other related entities.