SEBI Issues Rs 10.6 Lakh Demand Notices to DHFL Ex-Promoters

19 Jan 2024 , 03:33 PM

Sebi issues demand notices to Dheeraj Wadhawan and Kapil Wadhawan, former promoters of DHFL, to pay Rs 10.6 lakh each. The notices warn of arrest, asset attachment, and bank account freezing if payment is not made within 15 days.

The demand notices result from non-payment of fines imposed by Sebi in July 2023 for flouting disclosure norms. Sebi had fined both Wadhawans Rs 10 lakh each for disclosure norm violations during their tenure as DHFL promoters.

Kapil Wadhawan, DHFL’s former Chairman and MD, and Dheeraj Wadhawan, a non-executive director, were on the DHFL board.

Sebi’s action followed an investigation into share transfers involving DHFL and its subsidiary DHFL Pramerica Life Insurance in 2017. The regulator found inadequate information in the postal ballot notice provided by the Wadhawan brothers.

Sebi directs the payment of Rs 10.6 lakh each, inclusive of interest and recovery costs, within 15 days. Failure to comply may result in Sebi attaching and selling their movable and immovable properties, freezing bank accounts, and possible arrest.

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