Sebi disposes of investigation against Unitech's former promoters
Market regulator Sebi on Friday disposed of its investigation against Unitech's erstwhile promoters Sanjay Chandra and Ajay Chandra in a case pertaining to the alleged routing of funds to the Indian securities market using overseas bank accounts as it found no evidence.
Sebi had conducted a suo-moto investigation to ascertain whether there was any routing of funds to Indian securities market by the two Chandra brothers through the bank accounts with UBS AG, in violation of the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules.
The period of investigation was from April 2006 to March 2008.
In the investigation report, the regulator alleged United Corporate Parks PLC UCP) was connected to the noticees/Unitech.
It also alleged that Ajay Chandra was a non-executive director in UCP, while Unitech had a 4.52 per cent stake in UCP through its subsidiary Nectrus Ltd -- a foreign subsidiary of Unitech whose account was held with UBS Singapore Branch.
Thereaft