Indiabulls Real Estate case: Four entities pay Rs 10.5 cr to Sebi as settlement
Four entities have settled Sebi's proceedings by paying Rs 10.49 crore over alleged fund diversion involving Indiabulls Real Estate.Summary
Market regulator Sebi has settled proceedings against four entities—Agnes Developers Pvt Ltd, Everlast Projects Pvt Ltd, Lincoln Developers Pvt Ltd, and Deneb Developers Pvt Ltd—after they paid a total settlement amount of approximately Rs 10.49 crore. The settlement was reached without admitting or denying the findings of fact and conclusions of law. The case relates to an investigation into the diversion of funds from Albasta Infrastructure Ltd, a subsidiary of Indiabulls Real Estate Ltd (IBREL), to promoter-connected entities during FY10 to FY17. Following the merger of IBREL's business with the Bengaluru-based Embassy Group, the regulator observed a possible layered diversion of funds in the consolidated financial statements for FY15, FY16, and FY17. A common showcause notice was issued to the entities on November 1, 2023. The settlement amounts were remitted on April 13, 2026, leading to the disposal of the proceedings initiated through the notice.
(Source：News 18)