SEBI Takes Action Against DHFL Ltd: SEBI, which is the Security Exchange Board of India, has done something significant.
They decided to take strong action and charge a big fine to the people who own DHFL, which is Dewan Housing Finance Limited.
SEBI has fined the owners of DHFL Ltd a total of Rs 6 crore.
SEBI (Securities Exchange Board of India) has said that Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Wadhawan, Sarang Wadhawan, and some others will have to pay a fine of Rs 6 crore.
This comes after SEBI made a decision in the DHFL case. Also, SEBI fined Utkarsh Small Finance Bank Rs 1 lakh.
It was a case of violation of takeover rules
In the order from Securities Exchange Board of India (SEBI), it was mentioned that Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Wadhawan, Sarang Wadhawan, and other owners did not follow the takeover rules. Because of this, they have to pay a fine of Rs 6 crore.
Order to pay fine in next 45 days
SEBI, which is a regulatory authority, has stated that the owners of the company have hidden their ownership by using other companies in the same group.
SEBI has accused them of doing this in its statement. SEBI has also said that all the owners must pay this fine within 45 days, either all at once or individually.
SEBI issued an 82-page document
In this document, SEBI, a government agency, stated that Kapil and Dheeraj Wadhawan and other owners had kept secret the names of three companies:
Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors. These owners have shares in these three companies, both directly and indirectly.
In addition to that, SEBI has fined Utkarsh Small Finance Bank Rs 1 lakh.
SEBI, which is a government authority, said in its decision that the bank is in trouble for not sharing information about NCD (Non-Convertible Debenture) matters. Because of this, SEBI fined the bank Rs 1 lakh.
