Description

SEBI's notice of attachment issued against Aashish Developer for recovery proceedings in the matter of Sawaca Business Machines Limited under Recovery Certificate No. 6973 of 2023.

Summary

SEBI has issued a Notice of Attachment against Aashish Developer pursuant to Recovery Certificate No. 6973 of 2023 in the matter of Sawaca Business Machines Limited. This order relates to enforcement and recovery proceedings initiated by the regulator for compliance violations.

Key Points

  • Recovery Certificate No. 6973 of 2023 issued against Aashish Developer
  • Notice of Attachment issued for asset recovery
  • Matter relates to Sawaca Business Machines Limited
  • Enforcement action by SEBI for compliance violations
  • Attachment of bank accounts and/or demat accounts likely involved

Regulatory Changes

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

Compliance Requirements

  • Aashish Developer must comply with the attachment order
  • Banks and depositories must freeze attached accounts as per SEBI directions
  • The defaulter is required to settle outstanding dues as determined by SEBI
  • Non-compliance may lead to further enforcement measures

Important Dates

  • Order Date: January 6, 2026
  • Recovery Certificate No.: 6973 of 2023

Impact Assessment

Direct Impact:

  • High impact on Aashish Developer with asset attachment restricting access to funds
  • Affects Sawaca Business Machines Limited’s stakeholders and reputation
  • Financial institutions holding attached accounts must comply with freeze orders

Market Impact:

  • Limited broader market impact as enforcement is entity-specific
  • Demonstrates SEBI’s active enforcement of compliance requirements
  • Serves as deterrent for other market participants regarding compliance violations

Operational Impact:

  • Aashish Developer faces operational constraints due to frozen assets
  • Recovery proceedings may involve liquidation of assets to settle dues

Impact Justification

Enforcement action involving attachment of assets for recovery proceedings indicates serious compliance breach with high impact on the concerned entity but limited broader market impact.