The Sebi has passed a settlement order in the matter related to PNB Housing Finance and its directors wherein the company settled the case by paying Rs.72.77 crore.
PNB Housing Finance and 12 individuals have settled with markets regulator Sebi a case of alleged violations of norms in preferential securities issuance to US-based Carlyle Group for a deal that was scrapped later.
PNB Housing Finance, part of state-owned Punjab National Bank, and the 12 individuals, who were directors of the company as on May 31, 2021, jointly paid Rs 72.76 lakh towards settlement.
The amount includes Rs 44.26 lakh as legal costs, the Securities and Exchange Board of India (Sebi) said in an order on Tuesday. The order came after PNB Housing Finance along with its directors approached Sebi proposing to settle the alleged violations of LODR (Listing Obligations and Disclosure Requirement) rules in Carlye Group case "without admitting or denying the findings" through a settlement order.
"The proceedings that may have been initiated for the alleged defaults... are settled qua the 13v applicants," sebi said in the settlement order. It was alleged that the applicants had failed to obtain a registered valuer's report in accordance with the company's Articles of Association and also failed to take into account the interests of all the stakeholders by not accounting for control premium in the pricing of the preferential issue.
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