SEBI issues Rs 92.47 lakh recovery notice to HKG Solutions

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Synopsis

In the event of non-payment, markets watchdog will recover by seizing and selling their assets. They also face attachment of their bank accounts and police arrests.

Capital markets regulator SEBI on Tuesday sent a notice to seven entities asking them to pay Rs 92.47 lakh in a case pertaining to the misrepresentation of financials of (HKGS).

After failing to pay a fine imposed by the SEBI, HKG Solutions and its directors face penalties.

In the event of non-payment, the markets watchdog said it will recover the amount by attaching and selling their moveable and immoveable properties. They will also face attachment of their bank accounts and arrest.

The regulator, through an order passed on February 28, levied a fine of Rs 42.01 lakh on HKGS, Rs 31.51 lakh on Kamal Agarwal, Rs 6.31 lakh on Rajesh Mavani and Rs 3.16 lakh each on Kiran Nagpal, Pavan Kale, Arvind Sharma and Amit Khandelwal.

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