Indiabulls Real Estate: Four Firms Settle ₹10.5 Crore with Sebi
NEW DELHI: Market regulator Sebi announced the settlement of proceedings against four entities involved in an alleged fund diversion case linked to the former Indiabulls Real Estate Ltd (IBREL), with a total settlement of approximately ₹10.49 crore. The entities—Agnes Developers Pvt Ltd, Everlast Projects Pvt Ltd, Lincoln Developers Pvt Ltd, and Deneb Developers Pvt Ltd—resolved the issue “without admitting or denying the findings of fact and conclusions of law,” as stated in the settlement order. Following the merger of Indiabulls Real Estate Ltd with Bengaluru’s Embassy Group, Embassy became the primary promoter of IBREL, later rebranding it as Embassy Developments…