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Insider trading case: Sebi levies Rs 1 05 cr fine on Indiabulls Venture

The firm is currently known as Dhani Services. The former non-executive director, Pia Johnson, and her husband, Mehul Johnson, violated the Prohibition of Insider Trading (PIT) norms by trading in firm s scrip while in possession of unpublished price-sensitive information (UPSI) when the trading window ought to have been closed. Mehul was also an employee of Indiabulls Real Estate Ltd (IREL) and has association with Indibulls Group companies. Pia and Mehul made collective gains of Rs 69.09 lakh. The investigation period is January-November 2017. For violation of insider trading norms, Pia and Mehul Johnson are facing a fine of Rs 25 lakh each. In March 2017, the company told the NSE that Indiabulls Distribution Services Ltd, a wholly-owned subsidiary of Indiabulls Venture, had signed a definitive agreement to sell its 100 per cent stake in India Land and Properties Ltd, at a consideration of Rs 685 crore, to Indiabulls Infrastructure Ltd, a wholly-owned subsidiary of IREL.

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