SEBI judiciary-2

SC orders Auction of Sahara’s Ambey Valley City; Subrata Roy to attend on 27.04.2017

S.E.B.I. Vs Sahara India Real Estate Corpn. Ltd. & ors. (Supreme Court of India)

As no amount has been deposited by the contemnor, we are inclined to go ahead with auction for the Aamby Valley City near Lonavala, Maharashtra. Let the matter be listed at 2 p.m. on 27th April, 2017, on which day, the contemnor, Mr. Subrata Roy Sahara, shall remain personally present before this Court. ...

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SEBI bars ‘Reliance Industries’ from accessing equity market

Re. Reliance Petroleum Ltd. (RPL) (SEBI)

Going by the facts narrated by Noticee No. 1, liquidation of 5 % stake was decided. The same had to be done in an orderly manner. There was no outer time fixed for liquidation. Being guided by the analysts reports and the price trends of the scrip, Noticee No. 1 decided to start the sale in November 2007....

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Sahara to pay Rs. 750 crore before due diligence to sell its hotel in USA

S.E.B.I. Vs. Sahara India Real Estate Corpn. Ltd.& Ors. (Supreme Court)

SC Said The permission can only be granted if SAHARA deposits a sum of Rs.750 crores before the Registry of this Court on or before 17th April, 2017...

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Unpublished Price Sensitive Information- SAT fixes commencement period

Mrs. Chandra Mukherji and Shelter Infra Projects Pvt. Ltd. Vs SEBI (SAT)

SAT determined and confirmed period from which Unpublished Price Sensitive Information shall be deemed to have come into force...

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Supreme Court clarifies Offer Period under SEBI regulations

SEBI Vs. Burren Energy India Limited (Supreme Court)

Supreme Court clarified on the term 'offer period' under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ...

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Liability of Directors for Events Taken Place Before Appointment- SAT Ruling

Mr. Nimain Charan Biswal (Securities And Exchange Board Of India)

In one of the recent rulings of the SAT, Mumbai, the interim order passed by SEBI in the matter of Neesa Technologies Limited(Company) has been quashed qua one of the directors i.e. Mr. Nimain Charan Biswal who had joined and resigned from the directorship of the Company before the issuance of Non-convertible Debentures (NCDs),the subject...

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Facebook friends may be treated as connected for Insider Trading

In the matter of trading in the shares of Palred Technologies Limited (Securities and Exchange Board of India)

In this case observed that having mutual friends on Facebook will form the basis of determination and to establish connection between the parties who have committed Insider Trading in Violation of SEBI (Prohibition of Insider Trading) Regulations, 2015. ...

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Posted Under: SEBI | |

Deliberate suspicious trading ignorance by brokers to attract penalty

SEBI Vs Kishore R. Ajmera (Supreme Court of India)

Broker and sub-broker would be liable to face proceedings under FUTP regulations due to their deliberate ignorance of constant suspicious trading transactions executed on the behalf of clients. In the present case, the brokers executed transaction on behalf of their clients in illiquid scrip in short span of time that too for a long perio...

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Impose penalty for each offence independently for delay or default in making disclosures- SAT

Splash Media & Infra Ltd. Vs Securities and Exchange Board of India

Since failure to make disclosure under each regulation constitutes independent offence attracting independent penalty, in the facts of present case, where there are multiple offences it would be just and proper to impose penalty for each offence independently depending upon the delay or default in making disclosures which are mandatory....

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SC dismisses Writ seeking removal of SEBI Chairman – Called Petitioner 'stool pigeon' of business houses

Arun Kumar Agrawal Vs Union of India & Ors. (Supreme Court of India)

Supreme Court on 01.11.2013 dismissed Writ seeking removal of Mr. UK Sinha from the post of Chairman of SEBI dismissed and observed that The petitioner was a stool pigeon acting on the directions of the business houses like Sahara and Reliance....

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