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religare: Religare Finvest case: Sebi Attachment of bank and demat accounts to orders Shivinder Mohan Singh, 4 other


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Sebi Has ordered the attachment bank and demat accounts. Shivinder Mohan Singh Four entities can be recovered Rs 32.10 million in a matter relating to fund diversion case Finvest. Religare (RFL) can be considered a subsidiary to (REL).

The These entities may be subject to the recovery process — Shivinder Mohan Singh, Malav Holdings, RHC HoldingANR Securities And Religare Corporate Services (Now known as Finserve Shared Services) — for Rs 32.10 crore.

The The amount includes all costs, expenses, and interest. Securities And Exchange Board This is India According to an attachment order. Monday.

In This notice is Sebi Ask all banks, depositories, and mutual funds to not allow debits from their accounts. Singh, Malav HoldingsRHC Holding ANR Securities. HoweverCredits have been permitted.

FurtherThe market watchdog directed banks to attach all accounts of defaulters, including lockers.

Earlier This month Sebi Sent notices to different entities, including former promoters of

Malvinder Mohan Singh And Shivinder Mohan SinghThey will be asked to pay. Rs 48.15 million within 15 days in a case of fund diversion Religare Finvest.

RHC Holding And Malav Holdings These were also the ex-promoters of ReligareANR is the other. Securities And Religare Corporate Services RHC was a wholly owned subsidiary Holding. The A regulator warned about the attachment of assets and bank account accounts if they do not make the payment.

The After the entities failed to pay the fine, notice was issued Sebi.

The The case involves the diversion and use of funds to the tune Rs 2,473.66 Crores Religare

Ltd (RFL), a subsidiary Religare Enterprises Ltd (REL) in FY 2014-15 to FY 2017-18 as a loan through layers of entities to the ultimate benefit of entities controlled by the former promoters Singh brothers.

Sebi Not to be confused with RFL, these funds were diverted and never returned.

The REL shareholders weren’t informed about diversion of funds, which led to them being misled to either remain invested in REL shares or to deal in REL securities. ThusIndirect manipulation of REL shares’ prices was possible due to the apparent diversion funds Sebi It is in its order.

By They committed such acts and violated the provisions PFUTP (Prohibition This is Fraudulent And Unfair Trade Practices) norms.

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