Sebi on Wednesday ordered the attachment of bank accounts, locker as well as shares and mutual fund folio of Rana Kapoor, former Yes Bank MD and CEO, after he failed to clear off the fine levied on him.
In September 2020, the securities markets regulator SEBI imposed a fine of Rs. 1 crore on Kapoor for not revealing a transaction of Morgan Credit, an unlisted promoter entity of Yes Bank.
In the order, Sebi said that by not disclosing the transaction to the board of directors of Yes Bank, Rana Kapoor created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Dislcosure Requirements) Regulation.
In February this year, Rana Kapoor was served a demand notice, though he did not clear any dues. As per the attachment notice, the total pending dues amount to Rs. 1.04 crore that includes an initial fine of Rs. 1 crore and an interest of Rs. 4.56 lakh and a recovery cost of Rs. 1000.
Further as per the notice, Sebi has directed banks, mutual funds and depositories to not allow any debit from Kapoor's accounts. Nonetheless, credits have been allowed.
With PTI Inputs