Sebi said that at the time of the alleged violation, Pia Johnson, non-executive director of Indiabulls Ventures Ltd (IVL), and her husband Mehul Johnson traded in the scrip of IVL when in possession of unpublished price sensitive information (UPSI))
They had such information with respect to the sale of India Land and Properties Ltd (ILPL) to Indiabulls Infrastructure Ltd (IIL) and investment of IIL in ILPL.
According to the order, ILPL was indirectly owned by IVL whereas IIL is a wholly owned subsidiary of Indiabulls Real Estate Ltd.
The proposal ultimately led the sale of ILPL to IIL / investment of IIL in ILPL and same was made public on March 15, 2017, the regulator said.
Accordingly, Sebi ordered to impound Rs 87.21 lakh ”jointly and severally” from Pia and Mehul and directed banks and depositories that no debts shall be made, without permission of the regulator.