New Delhi: The market regulator SEBI has taken a major action to block a total of Rs. 5.16 lakh has been ordered to attach the bank and demat accounts as well as the mutual fund holding of Videocon group founder Venugopal Dhoot.
Sebi’s decision came after Venugopal Dhoot failed to pay the fine imposed on him in March. Notably, Sebi did not disclose some of the dodgy transactions in Supreme Energy, Quality Techno Advisors Pvt Ltd and Credential Finance Ltd. He was fined for being able to do that.
In an attachment notice on Monday, Sebi said Rs. 5.16 lakh in outstanding dues of Rs. 5 lakh initial fine, Rs. 15,000 as interest and Rs. 1,000 inclusive of recovery costs. To recover dues, SEBI asked all banks, depositories—CDSL and NSDL—and mutual funds not to allow any debit from Dhoot’s account. However, credit is permitted by SEBI. Further, SEBI has directed banks to freeze all accounts including lockers maintained by Dhoot.
Initiating the recovery proceedings, SEBI said there was sufficient reason to believe that the fraudsters could dispose of securities held in bank accounts, mutual fund folios and demat accounts maintained with depositories. In March, SEBI imposed a fine of Rs 5 lakh on Dhoot. Sebi then learned that Dhoot had not disclosed his interest (99.9 per cent stake) in Supreme Energy Pvt Ltd to Videocon Industries when the loan was extended by the company to SEPL.
The probe was to find out whether Dhoot had violated the LODR (Listing Obligations and Disclosure Requirements) regulations and the provisions of the listing agreement regarding mandatory submission by Videocon Industries to the stock exchange.