Description

SEBI issues notices of attachment under Recovery Certificate No. 7271 of 2023 against Mahendrabhai Panchal in matters related to audit reports of ACL Cotton Industries Limited, Universal Credit and Securities Limited, Mindvision Capital Limited and RFL Limited.

Summary

SEBI has issued notices of attachment dated January 08, 2026 under Recovery Certificate No. 7271 of 2023 drawn against Mahendrabhai Panchal. The attachment orders are in connection with matters related to audit reports of ACL Cotton Industries Limited, Universal Credit and Securities Limited, Mindvision Capital Limited and RFL Limited.

Key Points

  • Recovery Certificate No. 7271 of 2023 has been invoked
  • Attachment notices issued against Mahendrabhai Panchal
  • Related to audit report matters involving four companies: ACL Cotton Industries Limited, Universal Credit and Securities Limited, Mindvision Capital Limited, and RFL Limited
  • Notices issued on January 08, 2026
  • Represents enforcement action for recovery of dues

Regulatory Changes

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

Compliance Requirements

  • Mahendrabhai Panchal is subject to asset attachment under the recovery certificate
  • Attached assets cannot be transferred, sold, or encumbered
  • Compliance with recovery proceedings is mandatory
  • Third parties holding assets of the noticee must comply with attachment orders

Important Dates

  • January 08, 2026: Date of issuance of attachment notices
  • Recovery Certificate No. 7271 originally issued in 2023

Impact Assessment

Direct Impact: High impact on Mahendrabhai Panchal as assets are subject to attachment for recovery of dues related to audit matters.

Market Impact: Medium - involves multiple listed companies (ACL Cotton Industries Limited, Universal Credit and Securities Limited, Mindvision Capital Limited, and RFL Limited), though the attachment is against an individual rather than the companies directly.

Compliance Impact: Demonstrates SEBI’s continued enforcement of recovery actions against individuals involved in audit-related irregularities. Sets precedent for recovery proceedings in audit matters.

Impact Justification

Enforcement action involving asset attachment under recovery proceedings related to audit matters of multiple listed entities