(PTI)
Markets regulator Sebi today rejected the plea of Pearls Infrastructure Projects, majority owned by PACL, to defreeze its bank accounts for payment of statutory and other dues.The move comes after Pearls Infrastructure Projects Ltd (PIPL) requested Sebi’s recovery officer to defreeze the bank accounts. The company said it has outstanding salary payments with respect to current and ex-employees.
Also, there are outstanding statutory dues like corporate tax, service tax, property tax and employee provident fund, among others. Besides, it has liability of lakhs of rupees towards consumers in compliance of various orders passed by Consumer Dispute Redressal Commission.
In an order passed today, Sebi “disallowed the representation made by PIPL to defreeze the bank accounts for payments of statutory and other dues”.Last month, Sebi had ruled that curbs imposed on PIPL will continue as it rejected the plea to defreeze bank accounts on grounds that proceedings to recover over Rs 60,000 crore from the parent entity is going on.
