The properties being attached are agricultural land and office spaces located in Maharashtra, Odhisa, Bihar, Gujarat, Goa, Rajasthan and Karnataka, the Securities and Exchange Board of India (Sebi) said in an order Wednesday.
The regulator also prohibited entities concerned "from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties, which stands attached in execution of recovery certificate".
The move comes after the markets regulator, in August this year, had attached the bank as well as demat accounts and mutual fund holdings of the company and its directors -- Mahesh Kisan Motewar, Vaishali Mahesh Motewar and Rajendra Pandurang Bhandare.
Till now, an amount of a little over Rs 9.4 lakh has been recovered from the attachment of bank accounts.
Noting that the defaulters are in possession of as many as 391 properties, Sebi felt that they may dispose or alienate the assets with a view to obstruct or delay the recovery proceedings, which needs to be prevented immediately by attaching these assets.
Accordingly, the regulator has attached these properties.
(With inputs from agencies.)