Markets regulator Sebi has ordered attachment of bank and demat accounts of two dozen defaulters in the matters of three companies -- Mass Infra Realty, Skymarg Agro Industries India and Life Care Real Developers -- to recover dues totalling nearly Rs 40 crore.The defaulters are 11 directors of Mass Infra Realty, five directors of Skymarg Agro, Life Care and its seven directors, the regulator said in three separate notices.
The decision has been taken after Mass Infra Realty and Skymarg Agro failed to comply with Sebi’s direction to refund money to investors to the tune of Rs 37.9 crore and Rs 30.67 lakh respectively.
Sebi had directed Mass Infra Realty and Skymarg Agro in April 2016 and November 2017, respectively, to refund money to investors.
The two companies had raised funds through issuance of securities without complying with public issue norms.
In case of Life Care, the regulator initiated proceedings to recover over Rs 73 lakh from the company and its seven directors after they failed to pay the fine imposed on them in January, 2019. The pending dues include the initial fine amount of Rs 65 lakh, interest of Rs 8.1 lakh and a recovery cost of Rs 1,000.