SEBI attaches 30 land parcels of Weird Infra, directors

Tuesday, Aug 9, 2016,16:13 IST By metrovaartha A A A

New Delhi | To recover dues totaling over Rs 16 crore, capital markets regulator SEBI has ordered attachment of as many as 30 properties of Weird Infrastructure Corporation and its directors.

The company had raised Rs 16.3 crore from investors via issuance of non-convertible debentures without complying with the public issue norms.

Almost all the properties being attached are located in West Bengal, as per the attachment order wherein SEBI has also asked the firm and its directors to provide full details of all their movable and immovable properties.

The Securities and Exchange Board of India had earlier attached their demit and bank accounts after directives asking them to refund investors’ money along with interest did not materialise.

The regulator noted that defaulters are in possession of 30 properties, which they might dispose of in order to obstruct recovery proceedings.

Therefore, to prevent these entities from disposing of, transferring or alienating the assets, the regulator has ordered attachment of the properties owned by them.

Giving a list of all such properties, SEBI, in an attachment order dated August 4 said all persons are hereby prohibited from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties mentioned above, which stand attached in execution of the recovery certificate.