Description

SEBI issues a modification to the Notice of Attachment under Recovery Certificate No. 4355 of 2021 against Venmax Drugs and Pharmaceuticals Limited, amending previously attached assets or attachment details in ongoing recovery proceedings.

Summary

SEBI has issued a modification to the Notice of Attachment under Recovery Certificate (RC) No. 4355 of 2021 against Venmax Drugs and Pharmaceuticals Limited. This order amends the details of a previously issued Notice of Attachment as part of SEBI’s ongoing recovery proceedings against the company, updating the scope, description, or particulars of the assets subject to attachment.

Key Points

  • Recovery Certificate No. 4355 of 2021 issued against Venmax Drugs and Pharmaceuticals Limited
  • This circular modifies a prior Notice of Attachment issued under the said RC
  • The modification may pertain to changes in attached bank accounts, properties, or other asset details
  • Issued by SEBI’s Recovery Officer under the SEBI (Recovery of Money) Rules
  • Third parties (banks, depositories, financial institutions) holding assets of the respondent are bound by the modified order

Regulatory Changes

No new regulatory framework changes. This is an enforcement/recovery action amending a prior attachment notice under existing SEBI (Recovery of Money) Rules, 2010 and powers conferred under Section 28A of the SEBI Act, 1992.

Compliance Requirements

  • Venmax Drugs and Pharmaceuticals Limited must not alienate, transfer, mortgage, charge, or otherwise deal with assets covered by the modified attachment order
  • Banks, depositories, and financial institutions holding assets of the respondent must give effect to the modified notice and continue to maintain the attachment as updated
  • Any third parties with notice of this order must not facilitate circumvention of the attachment

Important Dates

  • Recovery Certificate No. 4355 originally issued: 2021
  • Modified Notice of Attachment issued: March 2, 2026

Impact Assessment

This order has minimal broader market impact as it is a targeted enforcement action against a specific company in connection with outstanding recovery dues under a 2021 recovery certificate. The modification reflects SEBI’s active administration and updating of attachment notices to ensure effective recovery of dues. The action is significant for Venmax Drugs and Pharmaceuticals Limited and any financial institutions holding its assets, but poses no systemic risk or wider market consequences.

Impact Justification

Enforcement action modifying an existing attachment notice against a specific company under a 2021 recovery certificate; narrow in scope with no broader market impact.