Settlement Order in respect of Religare Finvest Ltd., in the matter of Deccan Chronicle Holdings Ltd

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Last updated: 19 October 2020
Quick Summary
The Securities and Exchange Board of India (SEBI) investigated Religare Finvest Ltd. (Religare) regarding the fraudulent pledging of shares by the promoters of Deccan Chronicle Holdings Ltd. (DCHL). Religare failed to make necessary disclosures to the stock exchange and DCHL when it accepted 30 million equity shares as collateral in July 2012, which were encumbered from June 2012. This action was found to be a violation of SEBI (SAST) Regulations, 2011.

Court :
SEBI

Brief :
SEBI conducted an investigation inter-alia to ascertain whether the promoters of Deccan Chronicle Holdings Ltd., (DCHL) have made any fraudulent pledging of shares of the Company and whether adequate disclosures had been made in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to “SAST Regulations”), during the period October, 2011 to December, 2012

Citation :
SETTLEMENT ORDER NO. SO/PM/NR/2020-21/6252

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