Markets regulator Sebi has ordered the attachment of bank accounts as well as shares and mutual fund holdings of Dheeraj Wadhawan and Kapil Wadhawan, the former promoters of Dewan Housing Finance Corp Ltd (DHFL), to recover dues totalling over Rs 22 lakh.
This came after the brothers failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in July last year in a case concerning the flouting of disclosure norms.
In two separate attachment notices issued on Tuesday, the markets watchdog has ordered the attachment of bank, demat accounts, and mutual fund folios of the Wadhawans to recover the pending dues.
The pending dues of Rs 10.6 lakh each from Wadhawans comprise the initial penalty amount, interest, and recovery cost, it added.
In July 2023, the regulator imposed a penalty of Rs 10 lakh each on Wadhawans, who were promoters of DHFL (now known as Piramal Finance), for flouting disclosure norms.
Kapil Wadhawan was the Chairman and MD of DHFL, while Dheeraj Wadhawan was a non-executive director of the company. Both of them were on the board of DHFL.