Indiabulls Housing Finance has settled proceedings with markets regulator SEBI after paying over Rs 14 lakh towards settlement fees in connection with alleged shareholding disclosure lapses.
In an order passed today, the Securities Exchange Board of India said it has disposed of the “adjudication proceedings initiated against the applicant” which is Indiabulls Housing Finance.
It was alleged that Indiabulls had failed to make the requisite disclosures to the Bombay Stock Exchange and the National Sotck Exchange with respect to the shareholding of Indiabulls Employees Welfare Trust (IEWT) under the provisions of the Equity Listing Agreement. IEWT was holding more than 1 percent shares in Indiabulls for the quarters ended December 2010 till June 2012.
The regulator, in January 2016, initiated adjudication proceedings against Indiabulls Financial Services to inquire into the possible violation of the Listing Agreement. The company then submitted an application to SEBI for settling the case in October last year.
Thereafter, SEBI’s High Powered Advisory Committee recommended the case for settlement on the payment of Rs 14.39 lakh. This was also approved by it’s panel of whole-time members, following which it remitted the amount. Accordingly, SEBI had disposed of the proceedings against Indiabulls.
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