Sebi had stated that the siphoning of funds appears to be a well-planned scheme since, in some instances, the layering of transactions involved using as many as 13 entities as pass-through entities within a short period of two days only. The order came after Sebi conducted an examination in the wake of the resignation of two independent directors - Sunil Kumar and Neharika Vohra - of ZEEL in November 2019.
