Description

SEBI issued a prohibitory order against Padma Singh under Recovery Certificate No. 2403 of 2019 in the matter of Celestial Biolabs Ltd., directing attachment of assets to recover outstanding dues.

Summary

SEBI issued a prohibitory order against Padma Singh (the certificate debtor) under Recovery Certificate No. 2403 of 2019, in the matter of Celestial Biolabs Ltd. The order prohibits the debtor from alienating, transferring, or disposing of assets until the outstanding recovery dues are satisfied.

Key Points

  • Recovery Certificate No. 2403 of 2019 was issued against Padma Singh in connection with the Celestial Biolabs Ltd. matter
  • SEBI’s Recovery Officer issued this prohibitory order to enforce recovery of outstanding dues
  • The order restricts the debtor from alienating, transferring, charging, or otherwise dealing with their assets
  • The order is directed at banks, depositories, and other relevant institutions to enforce the attachment
  • This is part of SEBI’s ongoing enforcement action related to illiquid stock options dealings

Regulatory Changes

No new regulatory changes. This is an enforcement action under existing SEBI recovery mechanisms pursuant to the SEBI Act and the Second Schedule of the Income Tax Act, 1961 (as applicable to SEBI recovery proceedings).

Compliance Requirements

  • Padma Singh is prohibited from alienating, transferring, or disposing of any assets until dues under Recovery Certificate No. 2403 of 2019 are fully satisfied
  • Banks and financial institutions holding accounts of Padma Singh are directed to freeze/attach the relevant accounts
  • Depositories and depository participants are directed to freeze demat accounts of the debtor
  • Any third party holding assets of the debtor is prohibited from releasing such assets without SEBI’s permission

Important Dates

  • Recovery Certificate No. 2403 originally issued: 2019
  • Prohibitory order issued: March 12, 2026

Impact Assessment

This order has minimal broader market impact. It is a targeted enforcement action against a specific individual (Padma Singh) arising from legacy proceedings related to Celestial Biolabs Ltd. The order is routine in nature and part of SEBI’s standard recovery process to enforce outstanding penalty/dues orders. No systemic or market-wide implications.

Impact Justification

This is a routine enforcement/recovery order against an individual in a legacy case dating to 2019. It has no broader market impact and affects only the specific named party.