Sebi has prohibited Maitreya Services from selling various immovable properties, including 7 assets in Maharashtra and Gujarat, as part of its efforts to recover over Rs 82 crore in an illegal money pooling case.
On January 22, Sebi had asked the company as well as its two directors — Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar — to pay Rs 82 crore along with returns to the investors within 15 days.
With the firm failing to make the payment, the Securities and Exchange Board of India (Sebi) had in March attached seven properties in different parts of Maharashtra.
In its latest order dated October 28, the regulator said it is learnt the defaulters are trying to dispose of their other assets including these 7 properties, and in such a situation the recovery of dues to the investors would be delayed.
According to Sebi, recovery officials have already attached various banks and demat accounts. However, the funds available are not sufficient for paying the dues.
The defaulters had submitted that they had already paid Rs 39.62 crore between October and December last year.
The auditors appointed by the company also submitted that as on September 30, 2015, total liability of the defaulters was Rs 136.48 crore towards 8,24,188 investors and more than Rs 3 crore was outstanding towards uncleared cheques.
The entities have now been barred from disposing of all immovable properties.
Sebi has also asked the entities to furnish complete details of all movable and immovable properties, among others, held by the company within two weeks.