Sebi Warns Public Against HBN Dairies Property Deals

New Delhi, Jul 1 (PTI) Markets regulator Sebi has cautioned the public against dealing in any property belonging to HBN Dairies & Allied Ltd.

The warning came after the Supreme Court in its order dated May 14, 2024, authorised the Securities and Exchange Board of India (Sebi), to sell the assets of HBN Dairies & Allied Ltd (HBN) with the active involvement of the liquidator.

The sale is to be completed before the next hearing on September 9.

The assets of HBN and its directors -- Harminder Singh Sran, Amardeep Singh Sran, Manjeet Kaur, and Jasbeer Kaur -- were attached by Sebi under recovery proceedings initiated via a prohibitory order in September 2017.

The recovery proceedings are in accordance with the securities market laws.

"In compliance with the directions of the Hon'ble Supreme Court and in furtherance of the recovery proceedings initiated against HBN and its directors, Sebi has started the process of sale of properties of HBN and its directors.

"The public at large is hereby cautioned and made aware that in terms of the above order of Hon'ble Supreme Court, Sebi along with the liquidator of HBN is authorized to sell the assets of HBN and its directors or assets wherein HBN has interest/ rights therein directly or indirectly," the notice said.

Further, the public is cautioned against buying/ dealing with any properties wherein HBN, its directors or any of its associates/subsidiaries have any interest/rights, directly or indirectly.

In addition, no person will illegally and unauthorisedly take possession of the assets of HBN, its directors or any of its associates/subsidiaries, else it will be liable for action in accordance with the law.