Mumbai: The capital market regulator Securities and Exchange Board of India (SEBI) has ordered attachment of Bank and Demat accounts of Videocon promoter Venugopal Dhoot and Electroparts India to recover dues of around Rs 68.5 lakh.
The recovery officer has also imposed a penalty of ₹9,25,000 for non-payment of penalty from September 2021 to September 2024 on Videocon Industries Ltd.
About The Notice Sent
Earlier the the regulator on September 30 had sent a notice to Videocon Industries’ promoter entity Electroparts (India) Pvt Ltd and its Chief Executive Officer (CEO) Venugopal Dhoot demanding to pay dues within 15 days in a case on insider trading activities in the shares of Videocon Industries. The attachment notice follows Dhoot and Electroparts (India) failure to pay the fine imposed on them.
The markets watchdog ordered the attachment of bank, demat accounts and mutual fund folios of Venugopal Dhoot and Electroparts (India) to recover the pending dues including interests and recovery costs.
The SEBI order said it had sufficient reason to believe that the defaulters may dispose of the bank accounts and securities in the demat accounts or mutual fund folios and “realisation of the amount due under the certificate would, in consequence, be delayed or obstructed” and further asked all banks, depositories, and mutual funds not to allow any debit from the accounts.
In September 2021, SEBI had slapped a penalty of Rs 25 lakh each on Dhoot and two promoter entities — Electroparts (India) Pvt Ltd and Videocon Realty and Infrastructures Ltd — for insider trading in the securities of Videocon Industries.
Electroparts (India) was formerly known as Shree Dhoot Trading and Agencies.
The market regulator had alleged that Videocon Realty and Infrastructures and Electroparts (India), and Dhoot being insiders had executed market transactions while in possession of Unpublished Price Sensitive Information (UPSI).
