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Shares of Indiabulls Ventures soared nearly 9 per cent after its promoter Sameer Gehlaut and five other promoter entities had on Tuesday settled a case with SEBI over alleged violation of ‘takeover regulations’ after paying Rs 48 lakh towards settlement fee.
After a positive opening on the BSE, the scrip further advanced by 8.94 per cent to hit a high of Rs 369. On the NSE, the shares climbed 8.93 per cent to Rs 368.8.
SEBI had initiated adjudication proceedings against these promoter entities in January this year for alleged violation of provisions of SAST (Substantial Acquisition of Shares and Takeovers) norms.
However, Gehlaut, Orthia Properties, Orthia Constructions, Zelkova Builders, Innus Properties and Innus Developers approached the regulator with a plea to settle the matter “without admitting or denying the findings of fact and conclusions of law’’.
Subsequently, the regulator has disposed of the adjudication proceedings initiated against the entities after the entities paid Rs 48 lakh as settlement fee.
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