SC notice to CBI, SEBI on plea seeking seizure of P Notes

Supreme Court today issued notices to CBI, SEBI, RBI and the Finance Ministry for a direction to seize entire investments and gains made through participatory notes in India.The PIL was filed by advocate M.L. Sharma, who had already filed a PIL on Panama black money revelations, has filed this fresh application. On May 9, the SC had issued notice to the Centre and the CBI for an...

Interplay between 15A and 15J of the SEBI Act: matter referred to Larger SC Bench [Read Judgment]

Division Bench of Supreme Court has referred a matter involving Interplay between the amended 15A and 15J of the SEBI Act before a larger bench. Bench comprising of Justices Kurian Joseph and R.F. Nariman in Siddharth Chaturvedi vs. SEBI said that it does not subscribe to the views in SEBI vs. Roofit Industries Limited ( 2015 (12) SCALE 642.)In Roofit Industries Ltd case, another Division...

#Budget2016; SARFAESI Act is to be amended to strengthen Asset Reconstruction Companies; Finance Minister

While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together with the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a major reform measure. Announcing more financial sector reforms, he said...

For Money Launders Jail is the Rule and Bail is an exception; Supreme Court [Read Judgment]

Supreme Court denies bail to Rose Valley Group CMD Gautam Kundu.By making a pragmatic approach to the provision of Section 45(1) of the P.M.L. Act and on consideration of the antecedents of the petitioner in collection of money from open market for issuing secured debentures in violation of the guidelines of SEBI and on further consideration  of the manner of keeping accounts of Rose Valley...

RBI, SEBI, Gujarat and Jharkhand question SC interim order not making Aadhaar mandatory

Protests against the interim order not to make aadhaar cards mandatory for availing benefits of various government sponsored welfare schemes continued with the RBI and SEBI, along with the governments of Gujarat and Jharkhand today seeking clarifications and modifications from the Supreme Court on it.A bench of Justices J Chelameswar, S A Bobde and C Nagappan agreed to  hear the pleas on...

SAT upholds SEBI order against PACL Ltd

The  Securities Appellate Tribunal on Wednesday upheld a August 22, 2014, order of the Securities and Exchange Board of India directing PACL Ltd, erstwhile Pearl Agrotech Corporation, and its promoters to refund over Rs 44,376 crore that it collected from 5.85 crore investors through collective investment schemes (CIS).In 1997, the SEBI alleged that the company was running a CIS without...

Bank of Rajasthan & ICICI Bank merger: PIL filed in SC urging SEBI to be made accountable; says unfair gains made by promoters of Bank of Rajasthan were not quantified

A Supreme Court Bench comprising of Chief Justice H.L. Dattu and Justice A.K. Misra today ordered tagging of a PIL with a pending case seeking a CBI investigation into SEBI’s decision to allow promoters of Bank of Rajasthan to sell their shares after its amalgamation with the ICICI bank in 2010.The plea, filed through Advocate Prashant Bhushan was admitted after Bhushan told the Court that...

SEBI bars DLF from entering Securities Market

Realty major DLF and six senior executives are barred from entering the securities market and from buying or selling securities for three years after finding that the company didn’t adequately disclose information to investors before its 2007 initial public offering.In a 43-page order published on Monday, SEBI said DLF, its billionaire founder and chairman Kushal Pal Singh and five...

No Respite for Sahara Honcho: Apex Court Rejects Subrato Roy's Bail Plea

The Supreme Court on Monday refused to grant bail to the Chief of Sahara Group, Shri Subroto Roy Sahara, and held that it will facilitate negotiations for Sahara to sell properties in India and abroad. Mr. Roy had prayed for release for a period of 40 days in order to finalize the sale of three overseas hotels owned by the Sahara Group. The Court nonetheless, allowed Mr. Roy to negotiate...

SC Urges SEBI to place Safeguards Verifying Sahara Sale Transactions; Income Tax Department Approaches SC demanding 4,800-crore from Sahara

The Supreme Court bench comprising of Justice T.S. Thakur, Justice Anil Dave and Justice A.K. Sikri today said that the court needs to monitor the sale transactions being undertaken by Sahara to prevent any mischief. The judges added that since they have no expertise in the field, experts should be employed by SEBI in order to scrutinize all dealings. SEBI was also urged to put safeguards...

Sahara tells Supreme Court: 3,117-Crore Deposited with SEBI

According to an affidavit filed by the Sahara counsel, Keshav Mohan in the Supreme Court, the Sahara Group has already deposited Rs. 3,117-crore with SEBI, ensuring the Court about its efforts to raise the remaining sum, to furnish the Rs. 5,000-crore bail bond for the release of its chief, Subrata Roy. The group also presented bank communication relating to transfer of the monies to...

SEBI v Sahara: Subarata Roy's bail Plea Rejected Again; Matter referred to a Three-Judge Bench[Read the Judgment]

A Supreme Court Bench comprising of Justice T.S. Thakur and Justice A.K. Sikri today dismissed Sahara Chief Subrata Roy's plea for his transfer to house arrest. The court however, modified the order restricting sale of property, to raise the amount for his interim bail.The Bench further referred the proceedings to a larger three-judge to be constituted by the Chief Justice of India, keeping...