Unitech promoters cleared by SEBI in UBS fund switch probe

The Securities and Trade Board of India (SEBI) on Friday disposed of its investigation towards Unitech’s erstwhile promoters, Sanjay Chandra and Ajay Chandra, in a matter associated to the routing of funds to the Indian securities market utilizing abroad financial institution accounts with UBS AG.

SEBI performed a suo-moto investigation from April 1, 2006, to March 31, 2008.

This was to determine whether or not the Chandra brothers had transferred the funds from Unitech to Unitech Abroad after which transferred them to its different international subsidiaries utilizing UBS accounts. And whether or not these funds have been routed from UBS accounts to Pluri Rising Corporations, a Mauritius-based firm, which have been then used to purchase the shares of Unitech, immediately or not directly, by funds like Sophia Development Fund and Deutsch Financial institution Mauritius.

The Friday round famous that the funding by Pluri within the scrip of Unitech, both by Sophia or by DBML, occurred a lot earlier than the switch of funds of $8 milion from Unitech to Unitech Abroad.

It mentioned there isn’t a element or proof on report concerning fund transactions from Unitech or its subsidiaries to United Company Parks or its subsidiaries, as alleged within the present trigger discover issued on Could 3, 2023.