Mumbai, Aug 25 (SocialNews.XYZ) Capital market regulator SEBI on Wednesday ordered the releasing of bank accounts, lockers, demat accounts, and mutual fund folios of former Yes Bank MD and CEO Rana Kapoor.
In March, the SEBI had attached his bank accounts, and mutual fund holdings to recover dues of over Rs 1.04 crore, after the Yes Bank founder failed to pay the fine imposed on him.
The regulator had imposed a penalty of Rs 1 crore on Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.
The release order comes after the Supreme Court, earlier this month, granted a conditional stay on the order by the Securities Appellate Tribunal (SAT) which had upheld a penalty of Rs 1 crore on Kapoor.
In compliance with top court's interim order, he has deposited the amount, the regulator noted in its release order.
The regulator, in its release order, directed all banks, mutual funds and depositories "to release the bank accounts/locker, demat accounts, and mutual fund folios of the defaulter (Kapoor) attached, if any, pursuant to the notice of attachment".
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz