SEBI rejected plea of Pearls Infrastructure Projects to defreeze bank a/cs

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