Developer Sobha, senior executives settle case with Sebi

Mumbai: Real estate developer Sobha and its senior executives have settled a case of securities law violation with Sebi by paying 2.92 crore as settlement charges. The regulator had conducted investigation into certain transactions undertaken by Sobha with DK Shivakumar, a senior politician from Karnataka, and his family members which were allegedly against the interest of the minority shareholders of the company. The period of examination is three financial years from FY17 to FY19.

On September 24, 2021, Sebi issued a show cause notice to Sobha, alleging that it fraudulently misrepresented the receivables with regard to construction of residence of DK Shivakumar from FY17 to FY19 and also corresponding provisioning for the same during this period.