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SEBI's investigation has revealed that three companies, namely Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors, had falsely portrayed their holdings as public shareholding, even though they were directly or indirectly associated with DHFL's promoter and promoter group
The Securities Exchange Board of India (SEBI) has imposed a penalty of Rs. 6 crores on Deewan Housing Finance Limited (DHFL) and its promoters, Dheeraj Wadhawan and Kapil Wadhawan, for violations of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
SEBI initiated an investigation into the company following a complaint received in January 2019. The alleged violations occurred between July 01, 2007, and December 31, 2018.
SEBI's investigation has revealed that three companies, namely Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors, had falsely portrayed their holdings as public shareholding, even though they were directly or indirectly associated with DHFL's promoter and promoter group.
The regulator has imposed penalties on 15 entities, including Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan, Sarang Wadhawan, Aruna Wadhawan, Malti Wadhawan, Anu Wadhawan, and Pooja Wadhawan. These entities have been directed to pay the Rs. 6 crore penalty within 45 days.
Additionally, SEBI found that the Wadhawans had failed to make an open offer on 14 occasions, despite crossing the threshold limit stipulated by regulations between 2007 and 2016.
The regulator has also imposed penalties on Wadhawan Holding, Wadhawan Consolidated Holding, Wadhawan Retail Venture, Wadhawan Global Capital Ltd, Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors.
Case title: In the matter of Deewan Housing Finance Limited
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