Notice of Attachment of Bank Accounts dated November 17, 2025 under RC 8928 of 2025 against Prafulla Subhash Chandra Bhat (PAN - AMEPB0155F) in the matter of Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)

Description

SEBI issues notice of attachment of bank accounts against Prafulla Subhash Chandra Bhat in recovery proceedings related to Prakash Constrowell Limited (now Setubandhan Infrastructure Limited).

Summary

SEBI has issued a Notice of Attachment of Bank Accounts dated November 17, 2025 under Recovery Certificate (RC) No. 8928 of 2025 against Prafulla Subhash Chandra Bhat (PAN - AMEPB0155F) in the matter of Prakash Constrowell Limited (now known as Setubandhan Infrastructure Limited). This is part of SEBI’s recovery proceedings to recover dues from the noticee.

Key Points

• Notice issued under Recovery Certificate No. 8928 of 2025
• Target: Prafulla Subhash Chandra Bhat (PAN - AMEPB0155F)
• Action: Attachment of Bank Accounts
• Related to: Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)
• Notice Date: November 17, 2025
• Category: Recovery Proceedings under SEBI enforcement actions

Regulatory Changes

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

Compliance Requirements

• Banks are required to comply with the attachment notice and freeze the specified bank accounts
• The noticee (Prafulla Subhash Chandra Bhat) must comply with recovery proceedings
• Any dealings with the attached bank accounts may be restricted pending recovery proceedings

Important Dates

• Notice Date: November 17, 2025
• Recovery Certificate: RC 8928 of 2025

Impact Assessment

Market Impact: High - Enforcement action against an individual associated with a company (Prakash Constrowell Limited, now Setubandhan Infrastructure Limited) signals serious regulatory compliance issues. This may affect investor confidence in the company and related parties.

Operational Impact: High - Bank account attachment severely restricts the financial operations of the noticee and indicates significant outstanding dues to SEBI. This is a serious enforcement measure typically used when other recovery methods have been exhausted.

Legal Impact: The attachment of bank accounts is a coercive recovery measure that can lead to further legal proceedings if the dues are not settled.

Impact Justification

High severity enforcement action involving attachment of bank accounts in recovery proceedings against an individual associated with a listed company matter