New Delhi: Sebi Market Regulator on Wednesday ordered defreezing bank accounts and stocks and ownership mutual funds Kapoor Rana, former MD and CEO EA Bank.
Kapoor is currently in court custody after being arrested in March 2020 in the alleged case of bank fraud.
Regulators, in March, have attached bank accounts, shares and ownership of the Kapoor Mutual Fund to restore more contributions from Rs 1 Crore.
The decision was taken after Kapoor failed to pay a fine forced on him.
Sebi, on September 2020, has collected a fine of RS 1 Crore in Kapoor because it did not make disclosure of Morgan credit transactions, which was a promoter entity that was not registered from the bank.
By not revealing the transaction to YES Bank Board of Directors, Kapoor created the opaque layer between him and stakeholders and violating the LODR provisions (list of liabilities and deplcose requirements), SBI said in order.
The release order came after the Supreme Court, on August 2, continued to get the command of the Appellate Tribunal (SAT) effect that has upheld the RS 1 Crore penalty in Kapoor.
The stay was subject to Payment of Rs 50 Lakh by Kapoor.
In accordance with the temporary commandment of the Supreme Court, he has kept the number, said the regulator.
Therefore, as on Wednesday asked all banks in the country and deposit – NSDL and CDSL – “to release bank accounts / lockers, folio folio accounts, and defaugter (Kapoor) mutual funds attached to …
notifications for …
notifications attachment “.
In February, the effects and Exchange Board of India (SEBI) issued a notification of requests to Kapoor, even though he did not pay contributions.
Delayed contributions, with a total of 1,04 crore Rs, including the initial fine of Rs 1 Crore and the interest of Rs 4.56 Lakh and RS 1,000 recovery fees.
Sebi Ordered Defreezing Bank, Demat Account at Kapoor Rana
