Mortgage lender HDFC Ltd's Chairman Deepak Parekh has settled with markets regulator Sebi a matter of non-compliance with an erstwhile listing agreement.
Parekh has settled the matter by paying Rs 9.37 lakh towards settlement charges without "admitting or denying the findings of fact and conclusions of law".
The matter pertains to non-compliance with the erstwhile listing agreement by Parekh with respect to an Inter-Corporate Deposit (ICD) advanced by HDFC Ltd to Gliders Buildcon Realtors Pvt Ltd, a group company of Piramal Realty Pvt Ltd.
According to an examination by Sebi, apart from the ICD, an additional loan facility of Rs 875 crore was approved to Gilders Buildcon in December 2014. Based on a request from Gliders Buildcon, the outstanding ICD was converted into a loan facility of Rs 750 crore without any additional disbursement.