The Securities and Exchange Board of India (SEBI) on October 22 confirmed the directions it has passed against 12 promoters of Dewan Housing Finance Corporation Ltd (DHFL), barring them from accessing the securities market.
A detailed probe into the matter is pending.
The DHFL promoters against whom the directions were passed are – Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan, Sarang Wadhawan, Aruna Wadhawan, Malti Wadhawan, Anu S Wadhawan, Pooja D Wadhawan, Wadhawan Holding Pvt Ltd, Wadhawan Consolidated Holding Pvt Ltd, Wadhawan Retail Venture Pvt Ltd and Wadhawan Global Capital Ltd (formerly known as Wadhawan Housing Pvt Ltd).
The interim order which blocks them from accessing the securities market was issued by SEBI on September 22, 2020. The action was taken citing the violation of norms.
The market regulator had also restrained the 12 promoters of the crisis-hit company from associating themselves as directors or promoters of any listed public company or any public firm that intends to raise money from the public or any intermediary registered with SEBI.
Noting in its interim order that the violations were grave in nature and the amount involved in the alleged fraudulent transactions is of a high magnitude, SEBI said the step to restrain the noticees has been taken to minimise the damage caused to the interests of the investors and to protect market integrity.
SEBI had claimed that DHFL had entered into certain fraudulent transactions, which were shown as bonafide transactions in its published financial statements as well as corporate announcements disseminated in the public domain. The promoters named in the notice were accused of having been involved in these transactions and misleading investors by releasing false financial statements for over a decade.Internet Explorer Channel Network