Markets regulator Sebi has issued a demand notice to Arun Panchariya, asking him to pay about Rs 26.25 crore in a case on manipulation of global depository receipts (GDRs) issuance by Hiran Orgochem Ltd.
In its notice issued on November 23, the regulator has also warned Panchariya of arrest and attachment of assets as well as his bank accounts if he fails to make the payment within 15 days.
The demand notice came after Panchariya failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi) in July.
In its notice, Sebi directed Panchariya to pay Rs 26.25 crore, including interest and recovery costs, within 15 days.
In the event of non-payment of dues, the market watchdog will recover the amount by attaching and selling the moveable and immovable property of Panchariya.
Besides, he will also face attachment of his bank accounts and arrest.
In July, Sebi imposed a penalty of Rs 25 crore on Panchariya and Rs 20 lakh on Mukesh Chauradiya for manipulation
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