The Supreme Court on Friday upheld JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL), bringing down curtains to a prolonged legal battle that spanned nearly eight years.
Sporadic violence erupts across Bangladesh as the nation awaits a special tribunal verdict against former Prime Minister Sheikh Hasina in a case of alleged crimes against humanity. Security is heightened, and authorities are on high alert.
It said the amendments to the Sebi Act will facilitate utilising the services of officials appointed members of SAT as normally retired people join the body.
Out of 3,871 recovery certificates issued by the regulator in various cases, 807 have been certified as difficult to recover.
The bench directed the companies to place before it their 2010-11 balance sheets and statements of accounts for November 2011 by January 8, the next date of hearing.
The Supreme Court Thursday asked NDTV promoters Prannoy Roy and Radhika Roy to give a statement on shares indicating the current market value which they would like to deposit as security with market regulator Sebi under the order of the Securities Appellate Tribunal (SAT).
HeidelbergCement has decided to move the Securities Appellate Tribunal challenging the directive of the Securities and Exchange Board of India.
Samir Arora, chief investment officer of Alliance Capital Fund, has filed a petition with the Securities Appellate Tribunal challenging Sebi's order barring him from dealing in capital market
The Securities Appellate Tribunal has adjourned the first hearing of National Securities Depository Ltd's appeal against Sebi's interim order on the IPO scam as the market regulator could not hire a senior counsel to argue its case.
Market regulator Securities and Exchange Board of India will soon appeal to the Supreme Court against the Securities Appellate Tribunal's order directing Chhabrias to make an open offer to shareholders of Herbertsons Ltd.
The affidavit was filed following a direction from the tribunal last Thursday.
The SAT asked Sebi as to what it was doing all these seven years and why it did not object to the revised IPO documents.
The Securities Appellate Tribunal has suggested setting up of an Advance Ruling Authority in the capital market headed by a High Court Judge with its order binding on the Securities and Exchange Board of India.
A bench comprising Justice Aftab Alam and Justice R M Lodha set the open offer price for Zenotech Labs at Rs 113.62 per share, as against Rs 160 per share fixed by the SAT for Daiichi-Sankyo to acquire an additional 20 per cent stake in the company.
Securities Appellate Tribunal on Monday adjourned its hearing till January 21, on complaints against Anil Ambani group's $3-billion Reliance Power IPO, scheduled to hit the market on Tuesday. On January 4, SAT had refused to stay the Initial Public Offer, while saying that it would consider the issue on January 14.
In a nearly 10-year-old case, Sebi on March 24 had banned Reliance Industries and 12 others from equity derivatives trading for one year, while accusing RIL of making 'unlawful gains'.
The central government will soon appoint two members in the Securities Appellate Tribunal to complete the quorum by March end.
Sebi has strengthened Arora's credentials at the cost of its own, says N Mahalakshmi
However, the tribunal directed the bourse to deposit Rs 625 crore with Sebi in two weeks.
Following the Securities Appellate Tribunal directive, Kishore R Chhabria, Madanlal D Chhabria and associates have made an open offer to shareholders of Herbertsons Ltd to acquire additional 20 per cent stake at Rs 90.50 per share plus interest.\n\n\n\n
The Jane Street-Sebi saga is more than a legal dispute -- it's a litmus test for India's ambitions as a global financial hub.
Wimco was bound to surge on Wednesday after SAT upheld a Sebi decision ordering parent Swedish Match to make a 20% offer to the shareholders of the company.
The ruling was made by the Securities Appellate Tribunal, an independent quasi-judicial body that rules on appeals against orders passed by the Sebi.
After getting rapped for accepting Vedanta group's bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Billionaire Anil Agarwal's Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders. SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies.
In January, Sebi had barred Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
The total default is said to be in excess of Rs 3,000 crore - making this the largest default by a broker.
In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders. It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL managing director (MD) and Chief Executive Officer (CEO) Punit Goenka as "completely false and misleading" in its response submitted to SAT on June 17. "We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons.
The Securities Appellate Tribunal (SAT) has stayed a Sebi order which imposed a fine of Rs 1 crore on HDFC Bank for invoking securities pledged by stock broker BRH Wealth Kreators, till further orders. Sebi had imposed the fine and also directed the bank on January 21 to transfer Rs 158.68 crore along with 7 per cent interest per annum into an escrow account till the issue of settlement of clients' securities is reconciled. "The fact that the circulars have been violated or not and whether the securities have been rightly invoked by the appellant requires consideration," the tribunal said in an order dated February 19 while giving three weeks time to Sebi to file a reply.
The Securities Appellate Tribunal (SAT) on Thursday questioned market regulator Sebi's credibility on completing its investigation within a stipulated time in the Zee Entertainment Enterprises' (ZEEL) matter. SAT was hearing Zee's plea against Sebi's order baring Zee Entertainment Enterprises' Punit Goenka and Subhash Chandra from holding any key managerial positions in the company and other organisations for allegedly siphoning off funds of the media firm. "There is no certainty that these eight months won't be extended. ...past record of Sebi is that they have always extended it (investigation).
Sebi ruled that Pendse has violated various provisions of the PFUTP Regulations and the Securities Contracts Regulation Act with his illegal transactions.
As many as 5,532 complaints were received by the regulator in January, an 80 per cent increase over the number of complaints filed in the previous month.
Reliance Industries chairman Mukesh Ambani will appeal against the fine imposed by market regulator SEBI over alleged irregularities in a two-decade-old share issue in the company, the firm said on Thursday. Reliance Industries Ltd (RIL) had issued debentures with convertible warrants in 1994 and allotted equity shares against the warrants in 2000. This was when Dhirubhai Ambani was heading the undivided company.
The tribunal, while adjourning the matter for September 16, directed Sebi to file a reply and gave three weeks to the Roys to file a rejoinder.
