Transgene Biotek Ltd Slammed with Prohibitory Order Over Unpaid Penalty of Rs. 38 Lacs

Transgene Biotek Ltd has received a prohibitory order from the Securities and Exchange Board of India (SEBI) for failing to pay a penalty of Rs. 38 lacs. The penalty is in relation to a SEBI adjudication order dated 27th June 2022. Despite the company's appeal to the Securities Appellate Tribunal at Mumbai on 7th October 2022, the recovery proceedings have been initiated. The order prohibits the company from disposing, transferring, alienating, or charging all immovable and movable properties, and freezes all bank accounts. This has resulted in the halting of payments, including salaries, bringing all activities to a standstill.