SEBI Warns Against Transactions Involving HBN Dairies And Allied Properties
The assets of HBN and its directors were seized by SEBI following a prohibitory order issued in September 2017 as part of recovery proceedings.
Markets regulator SEBI has warned the public against engaging in transactions involving any properties owned by HBN Dairies and Allied Ltd.
The warning was issued following the Supreme Court's directive on May 14, which permitted the Securities and Exchange Board of India to liquidate the assets of HBN Dairies and Allied with the liquidator's active participation.
The sale is to be completed before the next hearing on Sept. 9.
The assets of HBN and its directors Harminder Singh Sran, Amardeep Singh Sran, Manjeet Kaur, and Jasbeer Kaur, were seized by SEBI, following a prohibitory order issued in September 2017 as part of recovery proceedings.
The recovery proceedings are in accordance with the securities market laws.
"In compliance with the directions of the Hon'ble Supreme Court and in furtherance of the recovery proceedings initiated against HBN and its directors, SEBI has started the process of sale of properties of HBN and its directors."
"The public at large is hereby cautioned and made aware that in terms of the above order of Hon'ble Supreme Court, Sebi along with the liquidator of HBN is authorized to sell the assets of HBN and its directors or assets wherein HBN has interest/ rights therein directly or indirectly," the notice said.
Further, the public is cautioned against buying/dealing with any properties wherein HBN, its directors or any of its associates/subsidiaries have any interest/rights, directly or indirectly.
In addition, no person will illegally and unauthorisedly take possession of the assets of HBN, its directors or any of its associates/subsidiaries, else it will be liable for action in accordance with the law.
(With Inputs From PTI)
