Notice of Attachment of Bank Accounts and Demat Accounts against Harleen Singh, Sumit Wadhwa and Pal Singh (Defaulters) in Esteem Bio Organic Food Processing Ltd.

Description

SEBI notice for attachment of bank and demat accounts of defaulters under Recovery Certificate No. 7867 of 2024.

Summary

SEBI has issued a notice for attachment of bank accounts and demat accounts against three defaulters - Harleen Singh (PAN: ANKPS5827L), Sumit Wadhwa (PAN: AAOPW8621R) and Pal Singh (PAN: BDKPS9758P) - jointly and severally in connection with Esteem Bio Organic Food Processing Ltd. under Recovery Certificate No. 7867 of 2024.

Key Points

• Three individuals identified as defaulters with specific PAN numbers
• Joint and several liability imposed
• Connected to Esteem Bio Organic Food Processing Ltd.
• Recovery Certificate No. 7867 of 2024 issued
• Asset attachment proceedings initiated

Regulatory Changes

No new regulatory changes introduced - this is an enforcement action under existing recovery procedures.

Compliance Requirements

• Banks and depositories must comply with the attachment order
• No transactions to be permitted on attached accounts
• Defaulters must settle outstanding dues to lift attachment
• Third parties dealing with defaulters should exercise caution

Important Dates

• Notice Date: August 13, 2024
• Recovery Certificate No. 7867 of 2024

Impact Assessment

Significant impact on the named individuals who will have restricted access to their bank and demat accounts until recovery proceedings are resolved. This enforcement action demonstrates SEBI’s commitment to recovering dues and may affect market confidence in compliance matters.

Impact Justification

High-impact enforcement action involving asset attachment for recovery proceedings