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Sebi orders attachment of bank, demat, MF accounts of Rainbow Industries, directors

 

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 Business NewsAnti-Coronavirus: Full spread

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