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Wednesday
June 2018
3:01 PM IST
News Headlines
Yo-Yo effect: BCCI for fitness tests before selection        Tick, Tock: Time running out for Messi to deliver        Google announces training programme for journalists        Sensex tanks 261 pts as US-China trade spat escalates        Merkel, Macron search for reforms to halt EU 'disintegration'        S Korea, US confirm suspending military drills        Naveen Patnaik too seeks spl category status for his state        Kumaraswamy refutes reports of Cong-JDS differences on budget        Kejriwal calls off nine day sit-in        J-K govt collapses after BJP pulls out of alliance with PDP        Two-goal Kane gives England 2-1 World Cup opening victory over Tunisia in Volgograd        India's Srija stuns fancied Belgian Anna at women chess meet        FCA India launches Jeep Compass variant at Rs 17.53 lakh        Iraq force accuses US of killing 22 of its fighters in Syria        Merkel gets ultimatum from hardline ally over migrants        ED files fresh charge sheet against Mallya, prepares for fugitive tag        Rahul writes to slain scribe's father, offers condolence        India, China, Pakistan trilateral cooperation can help maintain peace: Beijing's envoy        Open to discussions: Delhi officers after CM's assurance on security        Fresh FIR filed against Nirav Modi for possessing multiple Indian passports        
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Business News
Sebi rejects PACL group firm's plea to defreeze bank a/cs
 
New Delhi, Dec 21 (PTI) Markets regulator Sebi today rejected the plea of Pearls Infrastructure Projects, majority owned by PACL, to defreeze its bank accounts for payment of statutory and other dues.

The move comes after Pearls Infrastructure Projects Ltd (PIPL) requested Sebi's recovery officer to defreeze the bank accounts.

The company said it has outstanding salary payments with respect to current and ex-employees.

Also, there are outstanding statutory dues like corporate tax, service tax, property tax and employee provident fund, among others. Besides, it has liability of lakhs of rupees towards consumers in compliance of various orders passed by Consumer Dispute Redressal Commission.

In an order passed today, Sebi "disallowed the representation made by PIPL to defreeze the bank accounts for payments of statutory and other dues".

Last month, Sebi had ruled that curbs imposed on PIPL will continue as it rejected the plea to defreeze bank accounts on grounds that proceedings to recover over Rs 60,000 crore from the parent entity is going on.

Besides bank accounts, the regulator had refused to defreeze PIPL demat account and mutual fund holdings.

The Securities and Exchange Board of India (Sebi) had initiated recovery proceedings against PACL, its promoters and associate firms, including PIPL, to recover investors' money on September 7, 2016. It had ordered freezing of bank accounts as well as demat and mutual fund holdings of as many as 640 group entities.


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KERALA NEWS
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INTERNATIONAL NEWS
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NATIONAL NEWS
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