“I find an opaqueness in the manner in which the business dealings of SecUR are being carried out through its MD, Belwalkar. This cannot be viewed lightly, especially considering the prima facie findings concerning the diversion of SecUR’s funds to the promoter, directors, and other individuals /entities by its MD (enabled through non–segregation of bank accounts of the company and Belwalkar), and which prima facie amounted to a violation of the PFUTP regulations,” SEBI’s whole time member Ashwani Bhatia said in the interim order.