Markets regulator SEBI has prohibited Ramel Industries and its four directors from selling their various immovable and movable assets, as part of its efforts to recover dues of over Rs 130 crore.
After finding that the company and its directors illegally raised funds from the public, the watchdog had earlier asked them to refund the money to investors.
The entities have now been barred from disposing of 319 immovable properties as well as other movable assets, according to an order passed by SEBI's Recovery Officer D V Sekhar.
The regulator has already initiated the recovery process as part of which various bank accounts and mutual funds folios of the entities have been attached.
In its latest order, SEBI said, "The funds available in the bank account and securities available in the demat accounts of the defaulters are not sufficient for recovery of the dues".
The defaulters "may dispose or transfer or alienate the assets with a view to obstruct or delay the recovery proceedings, which needs to be prevented immediately by attaching the said assets," the order said.
They have been barred from disposing, transferring, alienating or creating a charge in respect of the properties attached.
SEBI has also asked the entities to furnish complete details of all movable and immovable properties held by the company within two weeks.
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