SEBI Directs Account Release for Chandrima Mercantiles After Depositing Recovery Amount in Price Manipulation Case
SEBI Order Addresses Compliance in Quasar India Limited Scrip Case
The Securities and Exchange Board of India (SEBI) has issued a critical compliance order regarding the attachment proceedings against M/s Chandrima Mercantiles Limited. The order, dated August 25, 2026, pertains to Recovery Certificate No. 9155 of 2026, which relates to price and volume manipulation in the scrip of Quasar India Limited.The recovery proceedings named M/s Chandrima Mercantiles Limited alongside numerous associated individuals as "Defaulters." These defendants include Mr. Pranav Kamleshkumar Trivedi, Mr. Nayan Mahendrabhai Thakkar, and 15 other named parties.
Background of the Recovery Proceedings
The initial proceedings involved a recovery claim amounting to Rs. 2,70,01,000/- along with further interest, costs, charges, and expenses. These amounts were sought against M/s Chandrima Mercantiles Limited and all listed individuals in relation to the manipulation case.Notices of Attachment had previously been issued on June 29, 2026, attaching bank accounts, Demat accounts, and Mutual Fund folios belonging to these Defaulters. The Recovery Officer drew up the certificate seeking recovery on June 11, 2026.
Fulfillment of Conditional Stay Leads to Account Release
A significant development arose following an order from the Hon'ble SAT dated August 3, 2026. The SAT granted a conditional stay on the full recovery, which was contingent upon a deposit of Rs. 25,00,000/- within two weeks of that date.M/s Chandrima Mercantiles Limited and Mr. Pranav Kamleshkumar Trivedi successfully complied with this condition. They deposited the required amount of Rs. 25,00,000/- in adherence to the SAT's conditional order.
Scope and Status of Attachment Orders
In light of the deposit fulfillment by these two entities, SEBI has directed all concerned Banks and Mutual Funds to release their bank accounts, lockers, Demat accounts, and Mutual Fund folios that were attached under the original notices.However, the compliance action is partial. The order clearly states that the attachment issued against the remaining entities listed in the original attachment order shall continue to remain fully in force. This ensures that all involved parties are accounted for in the recovery process.
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