Sebi orders the attachment of banks, demat, MF accounts of
Rainbow Industries, directorsMarket regulator Sebi ordered the attached bank
accounts and the allocation and allocation of funds to Rainbow Industries and
Constructions and its two directors for more than $ 11.PTIPTINew DelhiPublished
on: November 09, 2020 14:57 ISTsebiImage source: PTISebi orders the attachment
of banks, demat, MF accounts of Rainbow Industries, directorsMarket regulator
Sebi ordered the attached bank accounts and the allocation and allocation of
funds to Rainbow Industries and Constructions and its two directors for more
than $ 11.
Recovery procedures were initiated by the company and its
directors after they failed to comply with Sebi's order. The Securities and
Exchange Board of India (Sebi) in November 2018 had instructed the company and
its directors to reimburse investors and interest.Rainbow Industries had raised
Rs 11.36 crore on preferred shares (RPS) from investors without following the
public issuance policy.Rainbow issued RPS to 5,379 people including Rs 6 crore
during 2011-12. For the period 2012-13, allocate RPS worth Rs 5.36 crore to
4,673 people.In an affidavit issued on Friday, Sebi asked banks and banks not
to allow any withdrawals from the accounts of Rainbow Industries and its
directors Nidhi Yogendra and Dhiren Rawani. However, credits are allowed.
In addition, the company in charge of large markets has
directed banks to deposit all accounts, including lockers, held by payers.The
regulator said there was good reason to believe that the offender could lose
the money in the bank accounts and security in Demat accounts and "the
fulfillment of the payment due under the certificate, as a result, will be
delayed or disrupted".In a separate notice, the administrator requested
the attachment of Narendra Vallabhji Bahuva's bank and Demat accounts to
recover an amount of Rs 5.73 lakh.A fine of Rs 5 lakh was imposed on him for
violating security market rules in the case of Octant Interactive Technologies
Ltd.Pending payments - Rs 5.73 lakh - include a good initial amount of Rs 5
lakh, interest of more than Rs 72,000 and a recovery cost of Rs 1,000 lakh.Recent
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