Notice of Demand under Recovery Certificate No. 8930 of 2025 dated October 27, 2025 issued against Anup Karwa (PAN - BFNPK5368C) in the matter of Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)

Description

SEBI issues recovery certificate demanding payment from Anup Karwa in connection with enforcement proceedings related to Prakash Constrowell Limited, now known as Setubandhan Infrastructure Limited.

Summary

SEBI has issued Recovery Certificate No. 8930 of 2025 dated October 27, 2025 against Anup Karwa (PAN - BFNPK5368C) in connection with enforcement proceedings related to Prakash Constrowell Limited, which has been renamed as Setubandhan Infrastructure Limited. This recovery certificate represents a formal demand for payment of outstanding amounts determined through SEBI’s enforcement actions.

Key Points

• Recovery Certificate Number: 8930 of 2025
• Date of Issue: October 27, 2025
• Person Against Whom Issued: Anup Karwa
• PAN: BFNPK5368C
• Related Company: Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)
• Action Type: Demand Notice for Recovery

Regulatory Changes

No new regulatory changes. This is an enforcement action under existing SEBI recovery proceedings framework.

Compliance Requirements

• Anup Karwa is required to pay the amount specified in the recovery certificate
• Failure to comply may result in further enforcement actions including attachment of assets and bank accounts
• The recovery certificate enables SEBI to pursue recovery through designated recovery officers

Important Dates

• October 27, 2025: Date of Recovery Certificate issuance
• Payment deadline would be specified in the detailed recovery certificate document

Impact Assessment

Individual Impact: High - Anup Karwa faces financial recovery obligations and potential asset attachment if payment is not made as per the recovery certificate terms.

Company Impact: Medium to High - The recovery action relates to Prakash Constrowell Limited (now Setubandhan Infrastructure Limited), which may indicate past regulatory violations or non-compliance issues during the individual’s association with the company.

Market Impact: Low to Medium - Recovery certificates against individuals typically have limited direct market impact but signal SEBI’s enforcement vigilance regarding securities market violations.

Legal Impact: High - Recovery certificates are legally enforceable instruments that enable SEBI to recover amounts through various means including attachment of property and bank accounts.

Impact Justification

Recovery certificate indicates serious enforcement action against an individual with financial obligations to SEBI, suggesting potential violation of securities regulations related to the company