This is one of the rare orders by Sebi where it has barred a bluechip firm and its top promoter/executives.
The stock fell by 24.5 per cent to its 52-week low level of Rs 111.25 in opening trade at the BSE.
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At the last hearing on October 11, SAT had suggested to Sebi to look at considering the RIL application for a consent settlement that allows companies and individuals to settle disputes by paying a fine without admission or denial of the alleged wrongdoing.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
Indian promoters Poddars to relinquish control for severance package.
The United Progressive Alliance government's confidence about getting legislative business done in the monsoon session of Parliament, beginning August 5, might be misplaced.
Sebi on Monday imposed a penalty totalling Rs 15 crore on senior officials of Franklin Templeton AMC and its trustee for violating regulatory norms in the case of winding up of six debt schemes in 2020. However, a spokesperson of Franklin Templeton said they disagree with the findings in Sebi's order and intend to file an appeal with the Securities Appellate Tribunal (SAT). A fine of Rs 3 crore has been levied on Franklin Templeton Trustee Services Pvt Ltd and Rs 2 crore each on Franklin Asset Management (India) Pvt Ltd President Sanjay Sapre and its chief investment officer Santosh Kamat, according to the Sebi order. In addition, the regulator imposed a penalty of Rs 1.5 crore each on fund managers -- Kunal Agarwal, Pallab Roy, Sachin Padwal Desai and Umesh Sharma -- as well as former fund manager Sumit Gupta.
The time-bound nature of the bankruptcy code, envisaging resolution within 180 to 270 days, would put enormous pressure on the existing judicial infrastructure.
'We would love to have more players entering the market because that is how the business will grow.'
Amazon has filed a legal challenge at the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's (CCI) suspension of the US e-commerce giant's 2019 deal with Future Retail (FRL). Amazon has challenged the CCI order on at least five grounds, and the matter is likely to be listed this week, according to the sources. Parallelly, Amazon's Indian unit has approached the Supreme Court against a halt on an arbitration case against Future Retail's (FRL) asset sale to Reliance Industries (RIL).
These are the four primary issues that have soured the relationship between SBI-led lenders and JKC and delayed the resumption of commercial flights by Jet Airways, once India's largest private airline, which went bankrupt in 2019. Over the past three years, the airline went through an insolvency process under which JKC's resolution plan was approved by a committee of creditors (lenders) and the National Company Law Tribunal (NCLT) in October 2020 and June 2021, respectively. But this didn't mean an end to the problems.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
CBI not to need prior approval to probe corrupt govt officials.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
Jaypee Infratech's financial creditors on Monday deferred the voting process on Suraksha group's offer to acquire the realty firm and will decide later this week whether bids of Suraksha group as well as NBCC should be considered again. Days after NBCC strongly objected to the Committee of Creditors (CoC) rejecting its offer and also questioned the jurisdiction of Interim Resolution Professional (IRP) Anuj Jain, the creditors held a meeting to discuss NBCC's addendum to its existing offer. The CoC, at its meeting on Monday, decided to conduct voting on May 27-28 on whether both contenders -- Suraksha group and NBCC -- should be allowed to submit their resolution plans for Jaypee Infratech Ltd (JIL), which went into insolvency proceedings in 2017.
Promoters and top executives intending to buy or sell shares of their companies might soon have to inform the market well in advance for such transactions.
The Chief Justice, while speaking at the farewell reference organised by the high court, said that judges are only interpreters and are not here to make the law or to evolve a policy and a balance has to be maintained between judicial activism and restraint.
Insolvency and Bankruptcy Code bound stocks have witnessed a steep fall in 2018.
The amendments give committee of creditors of a loan defaulting company explicit authority over the distribution of proceeds in the resolution process and fixes a firm timeline of 330 days for resolving cases referred to the IBC.
The tribunal posted the matter for further hearing in December, when it will decide whether to admit the pleas of the Raju brothers and others against Sebi order.
Higher power tariff would have fetched Tata's Mundra UMPP Rs 25,000 crore (Rs 250 billion) and Adani's project an additional Rs 18,500 crore (Rs 185 billion)
Reliance Group-owned power distribution companies in Delhi on Thursday approached the Supreme Court against NTPC's notice threatening to cut off power supply for not clearing outstanding dues.
Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
More punitive action was needed against the company and the management, say experts
The government will come out with proposed modalities and terms of references for setting up grievance appellate committees to address social media users' complaints in the next 10-12 days, and expects the panel to be in place by November 30, Union Minister Rajeev Chandrasekhar said on Tuesday.
Amount more than twice the size of Sahara's; collective investment scheme operator has 3 months to return money and wind up.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
Market regulator scours platforms to establish link between traders and those who share info.
Taking action against promoters of Gillette India for non-compliance to minimum public holding norms, Sebi on Friday ordered freezing all corporate benefits arising out of their stake in the company.
DLF has launched a mega discount sale of its properties.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
The tribunal, which had concluded its hearings on two petitions from RIL on January 6 and reserved its order for an unspecified date, set February 24 for the next hearing.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
Central banking is a science, not an art, Tamal Bandyopadhyay tells RBI Governor Shaktikanta Das.
The case is likely to come up for hearing on Monday.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
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