Indiabulls Housing Finance pays Rs.14 lakhs to settle case with Sebi

Indiabulls Housing Finance has settled proceedings with Sebi, in connection with alleged shareholding disclosure lapses, after paying over Rs 14 lakh towards settlement fees.

In an order passed recently, Sebi said it has disposed of the “adjudication proceedings initiated against the applicant — Indiabulls Financial Services Ltd (now known as Indiabulls Housing Finance Ltd)”.

It was alleged that Indiabulls had failed to make the requisite disclosures to the BSE and the NSE 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 per cent shares in Indiabulls for the quarters ended December 2010 till June 2012.

The regulator, in January 2016, had initiated adjudication proceedings against Indiabulls Financial Services to inquire into the possible violation of the Listing Agreement.

Pending adjudication proceedings, the company submitted a an application to Sebi in October last year to settle the case.

Thereafter, Sebi’s High Powered Advisory Committee recommended the case for settlement on the payment of Rs 14.39lakh. This was also approved by Sebi’s panel of whole-time members, following which it remitted the amount.