Sebi has asked exchanges to appoint independent auditors to conduct forensic audit of these firms for verification, including their credentials/financials.
The agency said it searched a Mumbai-based operator who was running 700 shell companies with 20 dummy directors and had "converted Rs 46.7 crore for Chaggan Bhujbal", the jailed ex-Maharashtra deputy chief minister.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
Experts said the outcome isn't surprising as the action initiated by Sebi was not after an investigation or findings.
India, the biggest contributor to world demand for oil, will bring into effect in an overhaul of its drilling policy. This comes after more than a year of preparation and will boost the exploration and development of India's oil and gas sector along with increased participation by foreign drillers
In the second phase of action against shell companies, the MCA is also trying to trace the directors of 'vanishing' companies
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
10 Heroes of the 1965 War which ended on September 23 60 years ago.
The complaint against CM's son Vaibhav Gehlot and a man described as the younger Gehlot's business associate seeks action under the Prevention of Money Laundering Act.
Chief Election Commissioner (CEC) Rajiv Kumar, set to retire next month, plans to spend several months in solitude in the Himalayas. He also expressed a desire to teach underprivileged children, recalling his own humble beginnings. Kumar's tenure as CEC saw him oversee landmark elections, including the 16th Presidential and Vice-Presidential elections in 2022 and assembly elections in 11 states.
A bench comprising Justices Sanjiv Khanna and Dipankar Datta took note of the submissions of lawyer Prashant Bhushan, appearing for NGOs 'Common Cause' and the Centre for Public Interest Litigation, that the plea needed to be listed for hearing at the earliest.
Elon Musk's Starlink has got licence for satcom services in India, according to sources.
According to reports, Rinson Jose is the founder of Bulgaria-based firm which had facilitated the sale of the pagers to Hezbollah.
In modern aircraft, there are cockpit voice recorder and digital flight data recorder.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
Government suspects that many of these bank accounts were used to launder money, especially after the demonetisation in November 2016.
A crackdown on shell companies, increased regulatory compliance and failure of companies to avail bank credit, and defaulting on loans are some of the reasons cited by accounting professionals for the closure of such a large number of companies
The exercise of striking off dormant companies and disqualifying directors is in furtherance of ease of doing business and will be good for genuine corporate
India expects Turkiye to strongly urge Pakistan to end its support to cross-border terrorism, said ministry of external affairs spokesperson, Randhir Jaiswal during the weekly briefing on Thursday.
Close to 9 lakh registered companies are not filing annual returns with the ministry of corporate affairs and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
The charging infrastructure expansion includes the setup of over 600 DC charging stations by 2030 (including company-owned and company-operated ones) in addition to partnerships with over 10,200 charging points, collaborating with operators like Shell, Charge Zone, and Statiq.
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.
This case revolves around the establishment of clusters of Centers of Excellence (CoEs) in the state of Andhra Pradesh, with a total estimated project value of Rs 3,300 crores.
'Please don't worry about casualties. It is a professional hazard beyond our control,' wrote Kargil Hero Major Padmapani Acharya in his last letter from the battlefield.
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
After Ministry of Corporate Affairs, the Income Tax department too has launched a probe to trace the source of funding of various firms that invested in Bharatiya Janata Party president Nitin Gadkari's company Purti Power and Sugar Limited.
Former RBI governor Raghuram Rajan has asked why SEBI has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their $6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this? The funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund -- have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price.
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
'However, to establish a quid pro quo, one can potentially see several things, like whether they got any benefits from the party that they gave money to. That is something that people (of India) will gauge. But to finally establish that there was money paid as consideration, it would require an investigation, a proper investigation, to be able to come up with such conclusions.'
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
Excess earnings of unlisted companies over and above their interest costs are at a record level. The interest-coverage ratio of 2.94 is the highest going back to 1990-91, according to numbers from the Centre for Monitoring Indian Economy (CMIE). The ratio measures earnings relative to every rupee to be paid as interest on outstanding debt.
Raising overseas debt has become prohibitively expensive due to the depreciating rupee.
'Investment by insurers in the Bima Sugam India Federation is illegal as it is a private limited company.'
'My mom had told me a great deal about Meena Kumari and how she could make a tear drop at the right moment. A legend who was in total control. But when I finally met her, I saw a frail, shrivelled and petite woman -- just a bag of bones. Very tiny. She was dying.'
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
