PNB Housing, directors shell out Rs 73 lakh to settle case with Sebi

The payment was made under settlement rules, which allow an alleged wrongdoer to settle a matter without admitting or denying the guilt

PNB Housing Finance and its board of directors paid nearly Rs 73 lakh to the Securities and Exchange Board of India (Sebi) to settle a case around preferential allotment of shares to the Carlyle Group and other investors. The payment was made under the settlement regulations, which allow an alleged wrongdoer to settle a matter without admitting or denying the guilt.

This puts an end to the case involving high legal drama, which saw the market regulator and mortgage lender at loggerheads on whether articles of association (AoA) should gain precedence over Sebi’s regulations around share pricing. The case saw