Description

SEBI issues notice of attachment of bank accounts under Recovery Certificate No. 8929 of 2025 against Prafulla Subhash Chandra Bhat in 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 No. 8929 of 2025 against Prafulla Subhash Chandra Bhat (PAN: AMEPB0155F). This enforcement action is in the matter of Prakash Constrowell Limited, which has since been renamed Setubandhan Infrastructure Limited. The notice authorizes the attachment of bank accounts as part of SEBI’s recovery proceedings to collect dues.

Key Points

  • Recovery Certificate No. 8929 of 2025 issued against Prafulla Subhash Chandra Bhat
  • Individual PAN: AMEPB0155F
  • Notice dated November 17, 2025
  • Related to Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)
  • Attachment of bank accounts authorized for debt recovery
  • Enforcement action under SEBI recovery proceedings

Regulatory Changes

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

Compliance Requirements

  • Banks are required to comply with the attachment order and freeze specified bank accounts
  • The individual (Prafulla Subhash Chandra Bhat) is prohibited from operating the attached bank accounts
  • Banks must report account balances and transaction details as per SEBI’s requirements
  • Non-compliance may attract penalties under applicable laws

Important Dates

  • November 17, 2025: Date of Notice of Attachment of Bank Accounts
  • Recovery Certificate No. 8929 of 2025 issued

Impact Assessment

Individual Impact: High - The attachment of bank accounts significantly restricts the financial operations of Prafulla Subhash Chandra Bhat, limiting access to funds until recovery proceedings are concluded.

Company Impact: Medium to High - Given the connection to Setubandhan Infrastructure Limited (formerly Prakash Constrowell Limited), this enforcement action may affect stakeholder confidence and could indicate ongoing regulatory scrutiny of past company operations.

Market Impact: Low to Medium - Limited direct market impact unless the recovery proceedings reveal broader issues with the company’s operations or governance. Investors in Setubandhan Infrastructure Limited should monitor developments.

Precedent: This action demonstrates SEBI’s continued use of attachment orders as an effective tool for recovering dues in enforcement matters, sending a strong message about accountability.

Impact Justification

High impact enforcement action involving attachment of bank accounts for recovery proceedings against an individual in relation to a listed company (formerly Prakash Constrowell Limited, now Setubandhan Infrastructure Limited). Medium importance as it affects specific individual rather than broader market operations.