Four developer entities linked to the alleged diversion of funds in the matter involving Indiabulls Real Estate Ltd (IBREL) have settled enforcement proceedings with the market regulator Securities and Exchange Board of India (SEBI), after collectively paying more than ₹10.49 crore in settlement, without admitting or denying the findings.
The settlement order covers Agnes Developers Pvt Ltd, Everlast Projects Pvt Ltd, Lincoln Developers Pvt Ltd and Deneb Developers Pvt Ltd.
According to SEBI, the proceedings arose from an investigation into alleged diversion, siphoning, and misappropriation of funds by IBREL and its wholly-owned subsidiary, Albasta Infrastructure Ltd, through promoter-connected entities.
SEBI had examined the consolidated financial statements of IBREL for FY14-15, FY15-16 and FY16-17 and observed possible layered diversion of funds from Albasta Infrastructure to promoter-connected entities. The market regulator subsequently launched a detailed investigation covering the period from FY09-10 to FY16-17.
The regulator alleged that the four entities acted as conduit entities for routing funds and had violated provisions of the SEBI Act and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. A common show-cause notice (SCN) was issued to the entities on 1 November 2023 proposing monetary penalties under Sections 11(4A), 11B(2) and 15HA of the SEBI Act.
As part of the settlement, Agnes Developers, Everlast Projects and Deneb Developers each paid ₹2.60 crore. Lincoln Developers Pvt Ltd paid more than ₹2.69 crore, which included ₹9.12 lakh towards legal costs.
The settlement applications were considered by SEBI’s internal committee (IC) and later by the high-powered advisory committee (HPAC), which recommended settlement upon payment of the agreed amounts. The panel of whole-time members (WTM) of SEBI approved the recommendations on 12 March 2026. The entities remitted the settlement amounts on 13 April 2026, after which SEBI disposed of the proceedings by way of a settlement order dated 7 May 2026.
SEBI clarified that the settlement order is without prejudice to its right to reopen enforcement action if any representation made during the settlement proceedings is later found to be untrue or if any settlement conditions are breached.
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