<p>To recover dues worth over Rs 222 crore, markets regulator Sebi on Tuesday ordered attachment of as many as 59 properties of Kim Infrastructure and Developers Ltd and four others in a case related to illegal fundraising.</p>.<p>The properties being attached are land parcels, a flat and a shop located in several places including Amritsar, Pathankot, Gwalior, Raipur and Kolkata, the Securities and Exchange Board of India (Sebi) said in a notice.</p>.<p>The regulator prohibited entities concerned "from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties...which stands attached in execution of recovery certificate".</p>.<p>The move comes after the markets regulator, in November 2018, attached the bank as well as share and mutual fund holding of the company and its directors. However, they failed to pay dues.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/state-bank-of-india-agrees-to-divest-85-stake-in-uti-trustee-co-914024.html">State Bank of India agrees to divest 8.5% stake in UTI Trustee Co</a></strong></p>.<p>Noting that the defaulters are in possession of as many as 59 properties, Sebi felt that they may dispose or alienate the assets with a view to obstruct or delay the recovery proceedings, which needs to be prevented immediately by attaching these assets.</p>.<p>Accordingly, the regulator has attached these properties.</p>.<p>The recovery proceedings have been initiated against the company and four others--Ravinder Singh Sindhu, Rajesh Kumar, Sukhpal Singh Barar, Sanjib Sikdar-- for their failure to pay a little over Rs 222 crore, along with interest, to investors.</p>.<p>In December 2014, Sebi ordered closure of unauthorised collective investment schemes of Kim Infrastructure and also asked to refund investors money.</p>.<p>The regulator had found that the company was inviting funds from the public for its 'land purchase scheme' without due registration with it. </p>
<p>To recover dues worth over Rs 222 crore, markets regulator Sebi on Tuesday ordered attachment of as many as 59 properties of Kim Infrastructure and Developers Ltd and four others in a case related to illegal fundraising.</p>.<p>The properties being attached are land parcels, a flat and a shop located in several places including Amritsar, Pathankot, Gwalior, Raipur and Kolkata, the Securities and Exchange Board of India (Sebi) said in a notice.</p>.<p>The regulator prohibited entities concerned "from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties...which stands attached in execution of recovery certificate".</p>.<p>The move comes after the markets regulator, in November 2018, attached the bank as well as share and mutual fund holding of the company and its directors. However, they failed to pay dues.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/state-bank-of-india-agrees-to-divest-85-stake-in-uti-trustee-co-914024.html">State Bank of India agrees to divest 8.5% stake in UTI Trustee Co</a></strong></p>.<p>Noting that the defaulters are in possession of as many as 59 properties, Sebi felt that they may dispose or alienate the assets with a view to obstruct or delay the recovery proceedings, which needs to be prevented immediately by attaching these assets.</p>.<p>Accordingly, the regulator has attached these properties.</p>.<p>The recovery proceedings have been initiated against the company and four others--Ravinder Singh Sindhu, Rajesh Kumar, Sukhpal Singh Barar, Sanjib Sikdar-- for their failure to pay a little over Rs 222 crore, along with interest, to investors.</p>.<p>In December 2014, Sebi ordered closure of unauthorised collective investment schemes of Kim Infrastructure and also asked to refund investors money.</p>.<p>The regulator had found that the company was inviting funds from the public for its 'land purchase scheme' without due registration with it. </p>