SEBI today started recovery proceeding against Maitreya Services and its two directors for failing to pay over Rs 82 crore with regard to 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, Securities and Exchange Board of India (Sebi) has decided to attach seven properties in different parts of Maharashtra.
According to the regulator, recovery officials have already attached various banks and demat accounts. However, the funds available in them are not sufficient towards the dues.
“Therefore, it is felt necessary to attach the properties and prevent defaulters from disposing or transferring or alienating the same,” Sebi said.
The defaulters had submitted that they had already paid Rs 39.62 crore between October-December 2015.
The auditors appointed by the company also submitted that as on September 30, 2015, total liability of the defaulters is Rs 136.48 crore towards 8,24,188 investors and more than Rs 3 crore was outstanding towards uncleared cheques.
“The defaulters have not furnished any documentary proof nor the auditor’s certificate towards the claim of repayment of money to the investors after September 30, 2015,” the regulator said.