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SC issues NBWs against Managing Directors of 32 companies

Monday - October 21, 2019 6:30 pm , Category : BUSINESS
New Delhi, Oct 21 (IANS) The Supreme Court has issued non-bailable warrants against Managing Directors of 32 Mumbai-based companies after they failed to deposit a penalty of Rs 5 lakh each as ordered by the apex court in October 2016.
The order was passed by a bench headed by Justice Rohinton F. Nariman on Friday.
The Managing Directors belong to companies Akshar Mercantile, Beta Trading, Vinay Mercantile, Anoop Multitrade, Anshul Mercantile, Everfame Trading, Highzone Trading, Inorbit Trading Co., Laksh Mercantile, Maginot Trading, Montreal Trading, Newtree Mercantile, Sarveshwara Trading and others.
The top court in its 2016 judgment had imposed the fine against the defaulters for indulging in fraudulent trade practices. Upholding market regulator Sebi's order, the court asked all these companies to pay up immediately.
Sebi filed a petition on contempt of court in 2017, when the defaulters did not pay the fine. The bench gave time to the defaulting companies to comply with the court order but many of them did not deposit the fine amount even then.

--IANS ak/vd