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.
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty totaling Rs25.20 crore on two individuals, Arun Panchariya (AP) and Mukesh Chauradiya in a case related to the manipulation of global depository receipt (GDR) issuance of Hiran Orgochem Ltd.