MUMBAI: Securities and Exchange Board of India (Sebi) has ordered the attachment of bank and demat accounts as well as mutual fund holdings of Venugopal Dhoot, founder of Videocon Group to recover dues totalling Rs 5.16 lakh.
The decision comes after Dhoot failed to pay the fine imposed on him in March by Sebi for not making disclosures about his interest in Supreme Energy as well as for not disclosing that Quality Techno Advisors Pvt Ltd (QTAPL) and Credential Finance Ltd (CFL) were related parties with respect to certain transactions.
To recover the dues, Sebi asked all banks, depositories - CDSL and NSDL - and mutual funds to not allow any debit from the accounts of Dhoot. However, credits have been permitted. The market regulator has directed banks to attach all accounts, including lockers, held by the defaulter.
“It is further ordered with immediate effect that no debit shall be made in the said account/s to the extent of the total dues mentioned above until further orders from the recovery officer of Sebi. However, the credits, if any, into the account may be allowed,” Sebi said in the order.
In March, Sebi imposed Rs 5 lakh fine on Dhoot after finding that he did not disclose his interest (99.9 per cent shares) in Supreme Energy Pvt Ltd (SEPL) to Videocon Industries, at the time of grant of loan by the company to SEPL. In addition, Dhoot did not disclose his interest in CFL and QTAPL.