New Delhi: IIFCL Asset Management Company has settled a case with Sebi related to alleged violations of mutual fund norms after four individuals collectively paid Rs 1.02 crore towards settlement charges.
The four persons who solved the case are – Imandi Shankar Rao, Prasanna Prakash Panda, Anil Kumar Taneja and Sumiran Bansal.
The entities allegedly violated mutual fund norms in respect of investments made by IIFCL AMC in several companies such as GVR Infra Private Limited, DP Jain & C Infrastructure, DPJ-DRA Tollways, Feedback Energy Distribution Company Limited and Feedback Infra Private Limited . SEBI passed the settlement order on April 30.
During the pending adjudication proceedings, the entities filed a settlement application with SEBI, proposing to settle the alleged regulatory violation case against them, "through a settlement order without admitting or denying findings of fact and law".After the entities deposited the settlement amount of Rs 1.02 crore and agreed to SEBI's condition that the amount would not be borne by the unit holders of the schemes of IIFCL Mutual Fund, SEBI issued action against them through a show cause notice issued in June 2023. Disposed of the proceedings initiated. ,
Regarding the investment in DP Jain & Co Infrastructure, Sebi alleged in its show cause notice that the AMC failed to ensure security construction, did not obtain NOC from all existing lenders, failed to charge penal interest for defined terms. "Event of default in the Debenture Trust Agreement" and reduction in pledge of shares by the company.
In the case of investment in Feedback Infra, the regulator alleged that the equity shares of Feedback Highway OMT, which were to be pledged, were not pledged and all investments, including those of IL&FS, were pending deployment of funds as per PPM (Private Placement Memorandum). Were opposite.) of schemes.
The four persons who solved the case are – Imandi Shankar Rao, Prasanna Prakash Panda, Anil Kumar Taneja and Sumiran Bansal.
The entities allegedly violated mutual fund norms in respect of investments made by IIFCL AMC in several companies such as GVR Infra Private Limited, DP Jain & C Infrastructure, DPJ-DRA Tollways, Feedback Energy Distribution Company Limited and Feedback Infra Private Limited . SEBI passed the settlement order on April 30.
During the pending adjudication proceedings, the entities filed a settlement application with SEBI, proposing to settle the alleged regulatory violation case against them, "through a settlement order without admitting or denying findings of fact and law".After the entities deposited the settlement amount of Rs 1.02 crore and agreed to SEBI's condition that the amount would not be borne by the unit holders of the schemes of IIFCL Mutual Fund, SEBI issued action against them through a show cause notice issued in June 2023. Disposed of the proceedings initiated. ,
Regarding the investment in DP Jain & Co Infrastructure, Sebi alleged in its show cause notice that the AMC failed to ensure security construction, did not obtain NOC from all existing lenders, failed to charge penal interest for defined terms. "Event of default in the Debenture Trust Agreement" and reduction in pledge of shares by the company.
In the case of investment in Feedback Infra, the regulator alleged that the equity shares of Feedback Highway OMT, which were to be pledged, were not pledged and all investments, including those of IL&FS, were pending deployment of funds as per PPM (Private Placement Memorandum). Were opposite.) of schemes.
