SEBI Demands ₹13.66 Lakh From Defaulter in Mediaone Global Entertainment Case: Recovery Notice Issued
The Securities and Exchange Board of India (SEBI) has issued a formal Notice of Demand against Mr. K. Sai Prasad, citing his status as a defaulter in the matter related to Mediaone Global Entertainment Limited. This notice outlines significant financial liabilities under Certificate No. 9139 of 2026, demanding immediate payment of dues totaling ₹13,66,000/- along with subsequent interest and charges.The directive mandates strict adherence to the terms outlined by SEBI, outlining specific penalties and recovery procedures available should the specified amount remain unpaid within a stipulated timeline. The decision falls under Section 28A of the Securities and Exchange Board of India Act, 1992, read with Section 222 of the Income Tax Act, 1961.
SEBI Demands ₹13,66,000 From Defaulter
The recovery certificate details a comprehensive breakdown of the outstanding amount due to SEBI from Mr. K. Sai Prasad. The total mandated payment stands at ₹13,66,000/-.This sum is composed of several distinct charges derived from proceedings conducted regarding Mediaone Global Entertainment Limited. The penalty imposed by the WTM in its Order No. QJA/MN/CFID/CFID-SEC6/32159/2025-26 amounts to ₹13,00,000.00.
Additionally, interest accrued from February 2026 to June 2026 at a rate of 1% per month accounts for ₹65,000.00. A minor Recovery Cost fee of ₹1,000.00 has also been added to the total outstanding amount.
Severe Penalties Loom as Non-Compliance Warning is Issued
The defaulter has been directed to remit the entire amount within 15 days of receiving this official notice. Payments must be made via direct credit through EFT/NEFT/RTGS to the designated ICICI Bank account or through the online payment facility on the SEBI website.Failure to comply with the financial directive will lead to aggressive recovery action by the Recovery Officer. The SEBI Act grants the power to recover the money using several methods, including the attachment and sale of movable property.
Other severe enforcement mechanisms highlighted in the notice include the attachment of bank accounts, the arrest and detention in prison, or the appointment of a receiver for the management of both movable and immovable properties.
Restrictions on Property Transfers Highlighted in SEBI Notice
The notice places strict legal constraints on Mr. K. Sai Prasad regarding any dealing with his assets. It explicitly states that he is not competent to mortgage, charge, lease, or otherwise deal with any property belonging to him without the explicit permission of the Recovery Officer. Any such unauthorized transfer would be deemed void under Rule 16 of the Second Schedule to the Income-tax Act, 1961.Furthermore, SEBI has clarified that any direct or indirect transfer of property or monies held in bank accounts to a spouse, minor child, son's wife, or son's minor child is also subject to recovery purposes if done without adequate consideration.
The Recovery Officer at the Securities and Exchange Board of India awaits confirmation of e-payment(s). All payments made must be confirmed using the specific format provided in the notice to ensure they are duly accounted towards the mandated dues.
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