SEBI Orders Immediate Attachment of Bank Accounts and Assets from Dhana Energy in Major Debt Recovery Action

SEBI Orders Immediate Attachment of Bank Accounts and Assets from Dhana Energy in Major Debt Recovery Action​

SEBI's Recovery Division has issued a stringent Notice of Attachment against Dhana Energy Pvt Ltd. The order comes following proceedings related to a Recovery Certificate, directly impacting the company’s financial holdings across multiple institutions. This move signifies the regulatory body’s decisive action regarding outstanding dues.

The notice covers all accounts held by Dhana Energy with any Bank or Post Office in India. It also extends the attachment mandate to all Demat Accounts and Mutual Fund Folios associated with the defaulter, ensuring comprehensive asset freezing.

SEBI Initiates Asset Attachment Against Dhana Energy​

The action is based on Recovery Certificate No. 4721 of 2022, which was drawn up by the Recovery Officer regarding the recovery of a specific sum from Dhana Energy Pvt Ltd. The certificate pertains to dues owed in relation to Venus Power Ventures (India) Limited.

SEBI determined that since no amount had been paid by the defaulter, there is sufficient cause to believe that the funds may be disposed of. Consequently, the Recovery Officer has ordered the immediate attachment of specified assets and accounts across all financial institutions in India.

Debt and Penalty Details Reaching ₹4,29,000/-​

The recovery action involves a total outstanding amount quantified at ₹4,29,000/-. This figure covers various components related to the delinquency under the certificate.

The largest component is a penalty imposed by the Adjudicating Officer, which totals ₹4,00,000/-. This was issued vide order dated 09/11/2021. Additional dues include interest amounting to ₹28,000/-, calculated from November 2021 to May 2022 at a rate of 12% p.a.

The total sum also includes Recovery Costs amounting to ₹1,000/- in the matter.

Bank Accounts, Demat Portfolios Face Immediate Attachment Order​

In exercise of powers conferred under SEBI Act, 1992, the notice mandates the immediate attachment of all accounts held by Dhana Energy. This includes all bank and post office accounts, whether singly or jointly held with any other person.

The attachment order strictly states that no debit shall be made in these attached accounts until further orders are issued by the Recovery Officer of SEBI. However, any credits flowing into the account may still be allowed.

Targeted Assets Include Demat Accounts and Mutual Fund Folios​

Parallel to the banking mandate, a separate notice has been issued targeting capital market assets. All Demat Account(s) and all Mutual fund folio/s held by Dhana Energy are now under immediate attachment.

The notification directs service providers, including M/s. National Securities Depository Ltd., to freeze these financial instruments. This ensures that the recovery process is comprehensive across both traditional banking and capital market holdings.

The institutions listed in the notice have been directed to provide specific documentation within 15 days of receiving the order. This required information includes details of all accounts, account statements for the latest one year, and confirmation of the attachment.