New Delhi, Jan 4 (PTI) Markets regulator Sebi has ordered attachment of bank and demat accounts, along with mutual fund folios, of Lokmangal Agro Industries and its directors to recover dues of around Rs 75 crore. Also Read - Japanese Women's Team Pulls out of Asian Wrestling

The move comes after the regulator in May 2018 had directed the firm and its seven directors to refund the amount of Rs 74.82 crore which they had illegally raised from the investors, along with an interest of 15 per cent per annum. Also Read - Depressed After Break Up, Man Tries to Open Delhi-Varanasi Flight's Emergency Door Mid-Air

Besides, they were banned from the securities market for at least four years. Also Read - Man Beaten & Forced to Chant Slogans For Alleged Theft, Attacker Arrested After Video Goes Viral

The funds were raised in contravention of the provisions of the Companies Act and ICDR (Issue of Capital and Disclosure Requirements) Regulations, the regulator said.

However, “even after more than six months from the date of order and having acknowledged receipt of order, the defaulters have failed to furnish any report of repayment as per the directions of Sebi,” the regulator said in its order on Thursday.

Apart from the firm, other defaulters in the case are Smita Subhash Deshmukh, Vaijnath Nagappa Lature, Audumber Sandipan Deshmukh, Shahaji Gulchand Pawar, Gurrana Apparao Teli, Mahesh Satishchandra Deshmukh and Parag Suresh Patil.

Accordingly, the Securities and Exchange Board of India (Sebi) has ordered the attachment of demat accounts and mutual fund folios of the entities and directed that no debit shall be made in these accounts until further orders.

This is published unedited from the PTI feed.