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19 Nov 2024
The Securities and Exchange Board of India (SEBI) has cautioned the public against engaging in transactions involving properties owned by HBN Dairies and Allied Ltd.
This warning follows a Supreme Court directive from May 14, allowing SEBI to liquidate HBN's assets with the liquidator's assistance before the next hearing on September 9.
SEBI had seized the assets of HBN and its directors, Harminder Singh Sran, Amardeep Singh Sran, Manjeet Kaur, and Jasbeer Kaur, as part of recovery proceedings initiated after a prohibitory order in September 2017.
These actions align with securities market laws.
SEBI's statement emphasized that, under the Supreme Court's order, the regulator and the liquidator are authorized to sell the assets of HBN and its directors, including any properties in which HBN has direct or indirect interest.
The public is advised against purchasing or dealing with any properties associated with HBN, its directors, or its subsidiaries.
Additionally, any unauthorized possession of these assets will result in legal action.
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