Description

SEBI issues prohibitory order against Redmond Investments Ltd under Recovery Certificate No. 2995 of 2020 in the matter of Ybrant Digital Limited (Lycos Internet Ltd.), restricting disposal of assets to recover outstanding dues.

Summary

SEBI has issued a prohibitory order against Redmond Investments Ltd under Recovery Certificate No. 2995 of 2020 in the matter of Ybrant Digital Limited (Lycos Internet Ltd.). The order prohibits the named entity from transferring, alienating, or disposing of its assets until the outstanding recovery dues are satisfied.

Key Points

  • Prohibitory order issued against Redmond Investments Ltd
  • Issued under Recovery Certificate No. 2995 of 2020
  • Matter relates to Ybrant Digital Limited, also known as Lycos Internet Ltd.
  • Order restricts disposal or transfer of assets by the named entity
  • Part of SEBI’s enforcement and recovery proceedings

Regulatory Changes

No new regulatory changes. This is an enforcement/recovery action under SEBI’s existing recovery proceedings framework, directing compliance with the outstanding recovery certificate.

Compliance Requirements

  • Redmond Investments Ltd must not transfer, alienate, or dispose of any assets without SEBI’s prior approval
  • Banks, depositories, and other financial intermediaries are directed to take note of the prohibitory order
  • Any violation of the prohibitory order may attract further legal consequences under applicable SEBI regulations

Important Dates

  • Recovery Certificate No.: 2995 of 2020
  • Order Date: March 6, 2026
  • Effective immediately upon issuance

Impact Assessment

The prohibitory order is targeted at Redmond Investments Ltd and restricts its ability to deal in assets. It has limited broader market impact but signals continued SEBI enforcement action related to the Ybrant Digital Limited (Lycos Internet Ltd.) matter. Financial intermediaries dealing with the named entity should ensure compliance with the directions in this order.

Impact Justification

Prohibitory order under a recovery certificate indicates enforcement action to recover SEBI-imposed dues; restricts asset disposal by the named entity