SECURITIES LAW
SEBI Imposes Rs 3 Lakh Penalty On Mediaone's Merchant Banker For Due Diligence Lapses In Open Offer
The Securities and Exchange Board of India (SEBI) has imposed a Rs 3 lakh penalty on merchant banker Kunvarji Finstock Private Limited for lapses in due diligence and disclosure during an open offer involving Chennai-based media company Mediaone Global Entertainment Limited.Mediaone operates across film production, distribution, theatre management, television content, and event...
Penalty Imposed By SEBI After Commencement Of Insolvency Cannot Be Admitted As Claim During CIRP: NCLT Mumbai
The NCLT, Mumbai Bench, comprising Anil Raj Chellan (Member-Technical) and K.R. Saji Kumar (Member-Judicial), has held that the penalty imposed by the SEBI post insolvency commencement cannot be admitted as a claim during CIRP. The CIRP of the corporate debtor (Medybiz Private Limited) was going on, and a moratorium was in effect. The last date of filing the claim was 22.08.2024;...
NCLT Mumbai Orders BSE, CDSL To Unfreeze Future Group Company's Demat Account
The National Company Law Tribunal (NCLT) at Mumbai Bench recently directed the Bombay Stock Exchange (BSE) and Central Depository Services (India) Ltd. (CDSL) to lift the debit freeze on the demat account of Future Corporate Resources Pvt. Ltd. (FCRL), a company led by Kishore Biyani.The order came after FCRL's Interim Resolution Professional (IRP) sought the removal of the freeze, saying...
SEBI Has Cleared Modified Demerger Scheme: Vedanta Informs NCLT
Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power,...
SEBI Proposes Standard Process For Opening Mutual Fund Accounts & First Investments
The Securities and Exchange Board of India (SEBI) has proposed a new standard process for opening mutual fund accounts and executing the first investment. The move is aimed at ensuring that all new accounts are fully KYC-compliant before any money is invested.Currently, mutual fund companies carry out their own KYC checks when opening a folio and then send the investor's documents to a...
SEBI Bars 'First Overseas Capital' From Securities Market For 2 Years, Imposes ₹20 Lakh Penalty For Multiple Violations
The Securities and Exchange Board of India (SEBI) on Thursday barred First Overseas Capital Limited (FOCL), a registered merchant banker, from accessing the securities market and taking on new issue management mandates for two years, after finding multiple violations of securities laws.This included misrepresentation of financial position, non-compliance with net worth requirements, and...
Supreme Court Seeks Union & SEBI Responses On Sahara Company's Plea To Sell Assets To Adani Properties Ltd
The Supreme Court on Tuesday (October 14) sought the response of the Union Government and SEBI on the applications filed by Sahara India Commercial Corporation Ltd seeking permission to sell its 88 properties, including Amby Valley in Maharashtra and Sahara Seher in Lucknow, to Adani Properties Pvt Ltd.The Court directed Sahara to implead the Ministries of Finance and Corporate Affairs in...
Supreme Court Refuses To Entertain PIL Seeking Probe Into US Based Short Seller Viceroy's Allegations Against Vedanta Group
The Supreme Court on Friday refused to entertain a public interest litigation (PIL) seeking a probe into allegations made by US-based short-seller Viceroy Research LLC against Vedanta Limited, Hindustan Zinc Limited, Vedanta Resources Limited and related entities.A bench of Justice PS Narasimha and Justice AS Chandurkar allowed the petitioner, one Shakti Bhatia, to withdraw the petition...
Supreme Court Seeks Union, RBI Responses On PIL Seeking Portal To Access Unclaimed Financial Assets & Dormant Bank Accounts
The Supreme Court yesterday issued notice on a PIL seeking a centralized portal for enabling individuals to access a comprehensive list of all financial assets held across entities regulated by the Reserve Bank of India and other financial regulators. A bench of Justices Vikram Nath and Sandeep Mehta passed the order on a petition filed by one Aakash Goel.Senior Advocate Mukta Gupta appeared...
Information On SEBI's Internal Probe Into Alleged Insider Trading Exempted From Disclosure Under RTI Act: Delhi High Court
The Delhi High Court has held that information pertaining to internal investigation being conducted by the Securities and Exchange Board of India (SEBI) is exempt from disclosure under the Right to Information Act, 2005.A division bench of Chief Justice DK Upadhyaya and Justice Tushar Rao Gedela thus upheld a single bench order declining to interfere with Chief Public Information Officer's...
SEBI Gives Clean Chit To Gautam Adani & Adani Group Companies In Hindenburg Case
In a significant development, the Securities and Exchange Board (SEBI) has given a clean chit to Adani Group and its Chairman Gautam Adani in respect of allegations made by US-based short seller-Hindenburg Research.It may be recalled that in January 2023, Hindenburg Research had published a scathing report accusing the Adani Group of widespread manipulations and malpractices aimed at...
Supreme Court Allows Fresh Disbursal Of Rs 5000 Crores From SEBI-Sahara Fund To Depositors; Extends Time For Payment Release Till Dec 2026
At the request of the Union government, the Supreme Court today permitted fresh disbursal of Rs.5,000 crores out of the funds deposited by the Sahara group with the Securities and Exchange Board of India (SEBI) to repay the dues of the depositors of the Sahara Group of Cooperative Societies.A bench of Justices Surya Kant and Joymalya Bagchi passed the order, after hearing Solicitor General...