Indiabulls Ventures promoter Sameer Gehlaut and five other promoter entities have settled an investigation by market regulator Sebi into the alleged violation of “takeover regulations” after paying Rs 48 lakh as settlement fee.
Sebi agreed to settle proposed adjudication proceedings after it was approached by Gehlaut, Orthia Properties, Orthia Constructions, Zelkova Builders, Innus Properties and Innus Developers with a plea to settle the matter "without admitting or denying the findings of fact and conclusions of law" through a settlement order.
Gehlaut is also the company's non executive chairman, according to the Bombay Stock Exchange’s website. "The proposed adjudication proceedings for the alleged default initiated ... are settled," the Securities and Exchange Board of India (Sebi) said in settlement order dated December 10.
Besides, the regulator said it will not initiate any enforcement action against the applicants for the default.
Sebi had initiated adjudication proceedings against the promoter entities in January this year for alleged violations of provisions of SAST (Substantial Acquisition of Shares and Takeovers) norms in the matter of Indiabulls Ventures.
These entities submitted applications with Sebi to settle the case on payment of settlement charges. Thereafter, the Sebi's advisory committee recommended the case for settlement upon the payment of Rs 47.93 lakh. This was also approved by the regulator's panel of whole-time members, following which they remitted the amount.
Accordingly, the regulator has disposed of the adjudication proceedings initiated against the entities.