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Sebi fines DLF Rs 10 lakh for wrong disclosure on fund utilisation
New Delhi, May 31 (IANS) The Securities and Exchange Board of India (Sebi) on Thursday imposed a penalty of Rs 10 lakh on real estate major DLF for filing wrong disclosures at stock exchanges regarding utilisation of funds.
The market regulator said it had conducted an investigation in the scrip of DLF for the period of June 11, 2007 to December 31, 2007 to ascertain any possible violation of the provisions of SEBI Act, Securities Contracts (Regulation) Act, 1956 among other rules.
The probe revealed that the company “had filed wrong disclosures to BSE and NSE regarding variation in projected utilisation of funds vis-a-vis actual utilisation of funds and thereby violated the provisions” of Securities Contracts (Regulation) Act.
“Having considered all the facts and circumstances of the case, I… hereby impose a penalty Rs 10,00,000 on… DLF,” said Sebi Adjudicating Officer B.J. Dilip in the order published on the regulator’s wesbite.
In its filing to exchanges for the quarter ended September 2007, DLF said it had utilised an amount of Rs 3,143.56 crore towards prepayment of loans, up to September 30.
However, as per the filing for October-December quarter 2007, DLF had shown the utilisation of funds under the same head – prepayment of loans – as Rs 2,469.75 crore, which was decremental as compared to the previous quarter.
According to DLF, it had clubbed funds from its non-IPO sources — Rs 673.81 crore — with Rs 2,469.75 crore of IPO proceeds towards prepayment of loans for the quarter ended September 2007, which the adjudicating officer described “an inadvertent error”.
According to Sebi norms, a company should make disclosures on a quarterly basis to stock exchanges showing the variation between projected utilisation of funds and the actual utilisation of funds.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.