Description

SEBI modifies the General Remittance Order issued under Recovery Certificate No. 4355 of 2021 against Venmax Drugs and Pharmaceuticals Limited, adjusting recovery enforcement terms.

Summary

SEBI has issued a modification to the General Remittance Order under Recovery Certificate (RC) No. 4355 of 2021 against Venmax Drugs and Pharmaceuticals Limited. This order modifies the terms of the earlier remittance/attachment order as part of ongoing recovery proceedings.

Key Points

  • Recovery Certificate No. 4355 of 2021 was previously issued against Venmax Drugs and Pharmaceuticals Limited
  • SEBI has issued a modification to the General Remittance Order associated with this recovery certificate
  • The modification adjusts enforcement terms related to recovery of dues from the named entity
  • This is part of SEBI’s enforcement and recovery mechanism under the SEBI Act

Regulatory Changes

The General Remittance Order under RC No. 4355 of 2021 has been modified. Banks and financial institutions holding accounts of Venmax Drugs and Pharmaceuticals Limited may be directed to update their compliance with the revised order terms.

Compliance Requirements

  • Banks and financial institutions are required to comply with the modified remittance order
  • The named entity (Venmax Drugs and Pharmaceuticals Limited) must adhere to the revised recovery terms
  • Any parties previously served with the original order should note and act upon the modification

Important Dates

  • Original Recovery Certificate: RC No. 4355 of 2021
  • Modification Order Date: March 2, 2026

Impact Assessment

This order has a narrow, targeted impact limited to Venmax Drugs and Pharmaceuticals Limited and the financial institutions holding their accounts. There is no broader market or investor impact. The modification is an administrative adjustment to existing enforcement proceedings and does not signal any new regulatory policy changes.

Impact Justification

Routine modification of an existing recovery enforcement order against a specific entity; no broader market impact. Relevant only to the named party and their bankers/financial institutions.