SEBI Issues Attachment Order in Eros Media Case

SEBI has ordered the attachment of 10 bank accounts, shares, and mutual fund holdings of 10 individuals to recover Rs 1.25 crore. The regulator stated that these entities failed to cooperate with its investigation into Eros International Media Ltd.

The capital markets regulator issued 10 separate orders on Thursday and Friday, initiating recovery proceedings against ten individuals: Manisha Kumari Singh, Sutapa Mukherjee, Gourab Ray Chaudhari, Vinod Kumar Agarwal, Sumit Bhoot, Dev Govind Binani, Abhishek Das, Debjit Medda, Anindya Bikas Datta, and Debosmita Ghosh Dastidar. SEBI noted that these individuals had failed to pay the fines imposed on them, as reported by PTI.

In its notices, the regulator directed the attachment of the bank, demat accounts, and mutual fund folios of these individuals to recover the outstanding dues. The total amount pending with these individuals, including the principal, interest, and recovery costs, amounts to Rs 1.25 crore, according to the orders.

In the notices, the regulator said, “There is 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. Accordingly, the regulator has asked all banks, depositories, and mutual funds not to allow any debits from the accounts of these individuals.”

However, SEBI has not imposed any restrictions on credits to these accounts. The regulator has instructed all banks to attach the accounts of the defaulters, including their lockers.

In October last year, SEBI imposed penalties totaling Rs 2 crore on 17 entities, including these 10 individuals, for non-compliance with the regulator’s investigation and failure to provide complete and timely information in the Eros International Media Ltd. case.

The case involves alleged financial irregularities and mismanagement of agreements between Eros International Media Ltd, Spicy Entertainment & Media Ltd, and other associated entities.