The investigation interval was from February-March 2017. (Representative picture)
The markets watchdog has ordered the attachment of financial institution, demat accounts, and mutual fund folios of the Wadhawans to recuperate the pending dues.
Markets regulator Sebi has ordered the attachment of financial institution accounts in addition to shares and mutual fund holdings of Dheeraj Wadhawan and Kapil Wadhawan, the previous promoters of Dewan Housing Finance Corp Ltd (DHFL), to recuperate dues totalling over Rs 22 lakh.
This got here after the brothers didn’t pay the fantastic imposed on them by the Securities and Exchange Board of India (Sebi) in July final 12 months in a case in regards to the flouting of disclosure norms.
In two separate attachment notices issued on Tuesday, the markets watchdog has ordered the attachment of financial institution, demat accounts, and mutual fund folios of the Wadhawans to recuperate the pending dues.
The pending dues of Rs 10.6 lakh every from Wadhawans comprise the preliminary penalty quantity, curiosity, and restoration value, it added.
In July 2023, the regulator imposed a penalty of Rs 10 lakh every on Wadhawans, who had been promoters of DHFL (now referred to as Piramal Finance), for flouting disclosure norms.
Kapil Wadhawan was the Chairman and MD of DHFL, whereas Dheeraj Wadhawan was a non-govt director of the corporate. Both of them had been on the board of DHFL.
The order got here after Sebi performed an investigation into the switch of shares held by DHFL in DHFL Pramerica Life Insurance (erstwhile DLF Pramerica Life Insurance) to its wholly owned subsidiary DHFL Investments and different associated transactions.
The investigation interval was from February-March 2017.
Sebi noticed that the brothers had been accountable for offering insufficient info within the postal poll discover by the agency.
As per the attachment notices, Sebi mentioned there’s ample purpose to consider that the defaulter could get rid of the quantities within the financial institution accounts and securities within the demat accounts and ”realisation of the quantity due beneath the certificates would, in consequence, be delayed or obstructed”.
Accordingly, the regulator requested all banks, depositories, and mutual funds to not permit any debit from the account.
However, credit have been permitted. In January, Sebi despatched demand notices to Dheeraj and Kapil asking them to pay Rs 10.6 lakh every within the case.
Also, the regulator warned them of arrest and attachment of belongings in addition to financial institution accounts in the event that they fail to make the fee inside 15 days.
(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)
