The Securities and Exchange Board of India (Sebi) on Tuesday imposed a penalty of Rs 26 crore on Coffee Day Enterprises (CDEL) for alleged violation of securities laws. The regulator also directed the company to initiate steps to recover dues of Rs 3,535 crore-the amount diverted from seven subsidiaries of CDEL to Mysore Amalgamated Coffee Estates (MACEL). Affirming the violations of the Sebi (Prevention of Fraudulent and Unfair Trade Practices) Regulations and Sebi (Listing Obligations and Disclosure Requirements) Regulations, whole-time member Ashwani Bhatia said the listed company was being run like a personal fiefdom with no checks and balances in place.
Six entities including four foreign portfolio investors (FPIs) are under lens for suspicious trading in Adani group shares prior to the release of the damning Hindenburg report, the Supreme Court-appointed expert committee has said. There was a build up of short positions in the Adani scips prior to the January 24 release of the Hindenburg report, and substantial profits were booked thereafter as stocks crashed, the 178-page report said. A "short" position is generally the sale of a stock one does not own.
Billionaire Gautam Adani's group on Monday listed out details of the $2.87 billion stake sales in group firms since 2019 and how $2.55 billion of this was ploughed back into business, as it looked to counter Congress leader Rahul Gandhi's claim of Rs 20,000 crore coming in to the conglomerate through 'shell companies'. While investors such as Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC) invested $2.593 billion in group firms such as Adani Enterprise Ltd and Adani Green Energy Ltd (AGEL), promoters sold stake in Adani Total Gas Ltd and AGEL to raise $2.783 billion. "These funds were reinvested by promoter entities to support the growth of new business and in portfolio companies such as Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Power Ltd," the group said.
The Adani stock price saga will pass into public memory as one of those matters that simply escaped being nailed down, perhaps because too many vested interests were involved, notes Debashis Basu.
'To avoid accountability and cover the mismanagement of the head of the department, they create this kind of sabotage theory.' 'If it's a sabotage theory, then the higher-level officials can go scot-free.'
The Delhi Police has denied permission to the Congress for holding a protest in the national capital on Friday, citing that prohibitory orders are in place in New Delhi district, officials said.
Food security for all was a poll promise from the ruling Congress party before this year's general elections.
It said the issues on which opinions have been attributed to him are in the public domain and have been extensively deliberated upon in the media.
India must integrate more with East Asia by getting into regional trade arrangements, lower its tariff walls, and improve the quality of its workforce, suggests T N Ninan.
President Xi Jinping on Monday vowed to build China's military into a "Great Wall of steel" to protect its sovereignty and developmental interests as he sought a bigger role for Beijing in global affairs, days after brokering a Saudi Arabia-Iran detente, regarded as a diplomatic coup.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
The Chinese Embassy in London and the Chinese ambassador to the UK issued strong statements condemning the UK's move as a disregard for its representations and 'blatant' interference in its internal affairs.
These mistakes can turn out very expensive and not just in terms of your finances, but also in the time it will take to resort to the conflict at hand. Having a legal hand can save you from any unforeseen troubles, alerts Harshit Malik, entrepreneur, wisdom coach and enrichment guide.
The new law permits for the first time Chinese security agencies to open their establishments and operate in Hong Kong.
India needs to take note of China's assertiveness in implementing its national security law as also its recently exhibited sensitivity to criticism of Xi Jinping by the Indian media, says former senior R&AW officer and China expert Jayadeva Ranade.
Capital markets regulator Sebi on Wednesday streamlined the payment of processing fee through the Unified Payments Interface (UPI) system for shares applied for and allotted during an initial public offering (IPO). In addition, the regulator has devised a new reporting format for capturing the data of all ASBA (Application Supported by Block Amount) applications unblocked by Self Certified Syndicate Banks (SCSBs) and their corresponding date of actual unblock. The new format has been put in place after reviewing the performance of SCSBs on timely unblocking of application amounts and feedback received from market intermediaries, Sebi said in a circular.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
In democratic India, a citizen can be a patriot and at the same time be critical of the government, unlike China which promulgated a national security law in Hong Kong prescribing patriotism to contest elections, observes Rup Narayan Das.
Britain and China have clashed over the offer of British National Overseas passports to Hong Kong residents, observes Rup Narayan Das.
'India need to look beyond the economic prism.' 'China had no qualms in taking the Kashmir issue to the UN Security Council last year -- not once, but thrice -- thus violating Indian sensitivities,' observes China expert Srikanth Kondapalli.
After China imposed a national security law on Hong Kong earlier this month, the United States on July 14 withdrew the special status granted to Hong Kong, and the United Kingdom, Australia, and Canada followed suit.
In the latest draft of the Code on Social Security Bill, 2019, the government has decided to stick to the current thresholds for providing social security benefits to workers by industry.
'Although Hong Kong weathered many a storm and displayed a remarkable resilience to bounce back, the developments in the territory have raised question marks with regard to its future stability and prosperity.' A revealing excerpt from Rup Narayan Das's Hong Kong Conundrum: Pangs of Transition.
Gig workers are usually spoken of in the context of the sharing economy, like Uber, Ola drivers, delivery persons for Zomato and Swiggy and so on. This is the first time such workers will be covered under India's social security law.
The Reserve Bank has asked troubled digital wallet firm MobiKwik, which is facing data breach allegations, to get a forensic audit done without any delay. Though the Gurugram-based firm has been claiming that its systems are secure and that there is no basis to the allegations of data breach, a group of hackers on Tuesday said that they accessed personal and financial data of nearly 10 crore MobiKwik customers. On Wednesday, sources in the know of the development told PTI that the RBI has ordered an immediate forensic audit of the company's systems by a certified auditor. When contacted, an RBI spokesperson refused to comment. MobiKwik refused to give a direct answer to a query on whether the RBI has ordered a forensic audit.
Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US district court has been dismissed. The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year.
Addressing the centenary celebrations of the Communist Party of China at the historic Tiananmen Square, Xi in over an hour-long address also said that integrating Taiwan with the Chinese mainland is a historic mission of the ruling party.
US Secretary of State Mike Pompeo on Wednesday named Robert Destro, assistant secretary of state for democracy, human rights and labour, as the special coordinator for Tibetan issues. Destro will focus on advancing dialogue between the Communist-run government in Beijing and the Dalai Lama, protecting the distinct religious cultural and linguistic identity of Tibetans, improving respect for their human rights and much, much more, Pompeo said.
Global Times, the Chinese Communist Party government's mouthpiece, said that the broadcaster is responsible "for falsified reporting" on China's handling of the coronavirus in the country.
Support from the committee gives Xi an indefinite extension on the reins of power, which will surely result in hawkish and insular policies. It does not bode well for relations with the USA, or with anyone else who does not bow the knee to Beijing, for that matter.
President Xi Jinping has called for better international communication, urging the bellicose official Chinese media and 'wolf warrior' diplomats to adopt a tone that displays openness and conveys modesty, in what observers see as a rare admission of Beijing's growing isolation exacerbated by COVID-19.
Over 160 rights groups call on IOC chief to revoke 2022 Beijing Winter Games
The US is the worst-hit nation with 211,793 deaths and 7,549,429 infections.
Pompeo, during a Congressional hearing on Thursday, told the members of the House Foreign Affairs Committee that 'the actions are entirely consistent with what they have been signalling to the world for decades you might even argue since 1989, but certainly since General Secretary Xi came to power'.
Secretary of State Mike Pompeo announced the move, saying he was carrying out President Donald Trump's orders. "Today, I am announcing visa restrictions on current and former CCP officials who are believed to be responsible for, or complicit in, undermining Hong Kong's high degree of autonomy, as guaranteed in the 1984 Sino-British Joint Declaration or undermining human rights and fundamental freedoms in Hong Kong," Pompeo said.
Do the actual numbers bear out the claims made by the government or do they suggest something else? asks A K Bhattacharya.
'The world is finally recognising that China is pushing a form of government that many only now are beginning to recognise as problematic'
'China's action towards India really gives you a good insight into how the Communist Party of China is thinking these days'
Axis Bank was the top laggard in the Sensex pack, plunging more than 5 per cent, followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel, Bajaj Auto, HDFC Bank and IndusInd Bank. On the other hand, M&M, Infosys, Asian Paints, UltraTech Cement and Tech Mahindra were among the gainers.
The US attacked China for its aggressive moves against its neighbours, including "instigating" a deadly confrontation with India in eastern Ladakh
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