Sebi has ordered civil imprisonment against a Thane-based defaulter Vinod Hingorani who has been sent to jail for a maximum six months for failing to pay dues of Rs 1.64 crore.
Exercising its new powers to order imprisonment of defaulters, market regulator Sebi on Thursday sent a Thane resident to civil prison for six months after he failed to pay over Rs 1.64 crore of penalty imposed for indulging in fraudulent activities.
This is the first major case of Sebi ordering arrest of a defaulter since it was given these powers through amendments in the Sebi Act earlier this year. Sebi has now ordered civil imprisonment against a Thane-based defaulter Vinod Hingorani who has been sent to jail for a maximum six months for failing to pay dues of Rs 1.64 crore.
The order was passed in the matter of Adam Comsof India and Kolar Biotech. Sebi in its order stated that inspite of detention Hingorani did not come out with any proposal for repayment of dues and failed to take any steps since the last four years despite several notices sent by the regulator.
Now the civil imprisonment order has been passed due to fraudulent activities of the defaulter in various capacities in Adam Comsof and Kolar Biotech, and that a number of innocent investors suffered in the securities market. Now this is the first such arrest against a defaulter, and with powers of arrest, Sebi will be able to exercise its powers in other cases as well.
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