Page 18 - Banking Finance November 2017

HOUSING

HOUSING

NEWS
NEWS
NEWS
NEWS
NEWS

Indiabulls Housing Finance pays Rs.14 lakhs to settle LIC Housing Finance Q2
case with Sebi net profit dips to Rs 489 cr

Indiabulls Housing Finance has settled proceedings with Sebi, in connection with
alleged shareholding disclosure lapses, after paying
over Rs 14 lakh towards settlement fees. In an or-
der passed recently, Sebi said it has disposed of the
"adjudication proceedings initiated against the ap-
plicant -- Indiabulls Financial Services Ltd (now known
as Indiabulls Housing Finance Ltd)".

It was alleged that Indiabulls had failed to make the requisite disclosures to the
BSE and the NSE with respect to the shareholding of Indiabulls Employees Wel-
fare Trust (IEWT) under the provisions of the Equity Listing Agreement. IEWT LIC Housing Finance reported a de-
was holding more than 1 per cent shares in Indiabulls for the quarters ended cline of 1.13 percent in its net profit
December 2010 till June 2012. at Rs 489.12 crore for the second
The regulator, in January 2016, had initiated adjudication proceedings against quarter of the current fiscal.
Indiabulls Financial Services to inquire into the possible violation of the Listing Its net profit in the corresponding
Agreement.Pending adjudication proceedings, the company submitted a an July-September quarter of the previ-
application to Sebi in October last year to settle the case. Thereafter, Sebi's High ous fiscal was at Rs 494.76 crore.
Powered Advisory Committee recommended the case for settlement on the
payment of Rs 14.39 lakh. This was also approved by Sebi's panel of whole-time Total revenue was up 6.5 percent to
members, following which it remitted the amount. Rs 3,716.63 crore during the quarter
from Rs 3,489.91 crore in the year-
PNB Housing Finance Q2 net profit rises to 51 pc ago period, it said in a regulatory
filing.
PNB Housing Finance reported a 51 percent jump in net profit to Rs 208 crore
for the second quarter ended September 2017. It had earned a In revenue break-up, LIC Housing
profit of Rs 138 crore in the July- September quarter of the last Finance's income from operations
financial year. The company's total income for the quarter un- was up marginally at Rs 3,687.42
der review stood at Rs 1,316 crore, up from Rs 970 crore in the crore during the quarter from Rs
year-ago period, PNB Housing Finance said in a statement. 3,456.45 crore a year ago. While in-
come from other sources fell to Rs
Its gross non-performing assets (GNPAs) rose to 0.34 percent of gross advances
29.21 crore as against Rs 33.46 crore
from 0.26 percent a year ago. During the quarter, the company disbursed loan
worth Rs 7,385 crore. a year earlier.

18 | 2017 | NOVEMBER | BANKING FINANCE

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