Section 11(1) and 11B of Sebi Act empowers the same,” said Sumit Agrawal, partner, Suvan Law Advisors. Sebi allegations of fund diversion out of USL are baseless. “It is not a company notification, it is a personal notification and they are barring some people to participate in the securities market,” a senior company official said. He has been declared a proclaimed offender by a special PMLA (Prevention of Money Laundering Act) court in Mumbai in connection with a money laundering probe against him. He left the country last year to settle down in the UK.

Source: Economic Times January 27, 2017 18:45 UTC