The Government has said that the IPO price is fixed by the issuer based on an analysis of the quantitative and qualitative factors of the Issuer Company, market sentiments, and demand for the scrip as assessed during road shows etc. The freedom to fix the price band rests with the issuer, who generally does so in consultation with the merchant banker.
Pursuant to the decision to discontinue the EDIFAR site, SEBI, vide its circular no. CIR!CFD!DCR!3!2010 dated April 16, 2010, has advised all Stock Exchanges to carry out amendments to the Equity Listing Agreement viz omission of Clause 51 from the Listing Agreement.
The government has appointed former I-T officials or officials from the Indian Revenue Service as income-tax ombudsmen. These officers are independent of the jurisdiction of the income-tax department and hence, operate as an independent arbiter.
Narco, polygraph and brain mapping tests can no more be conducted on anyone, either an accused or a suspect, without his/her consent, the Supreme Court said Wednesday in a ruling that was hailed by activists and lawyers. A bench of Chief Justice K.G. Balakrishnan and Justices R.V. Raveendran and J.M. Panchal said the forcible administration of these tests was “an unwarranted intrusion into the personal liberty” of those facing criminal offences.
The feud between the two regulatory authorities, in the aftermath of sebi’s ban on ulips, has turned out to be quite a sensitive topic. In the recent days, that has, as ever so, come to be ballooned by the media into a sensational one. In that, the media has dutifully arisen to the occasion, and in its own inimitable style, spared no pains but given the widest possible publicity to the newfound hot topic with zeal and in a feverish pitch.
We advise that the names of 9 amalgamated Regional Rural Banks have been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification RPCD.CO.RRB.No.7812A/03.05.100/2009-10 January 21, 2010 published in the Extraordinary Gazette of India (Part III- Sec.4) dated March 12, 2010.
The Government has said that no verified information is available which indicates that the cases of corporate frauds are constantly increasing in the corporate sector in the country. However, an elaborate regulatory framework is already in place under the Companies Act, 1956 as well as the regulations of other agencies like Securities andExchange Board of India, Enforcement Directorate, Central Bureau of Investigation, etc. to deal with corporate frauds.
The Government has said that the Companies Act, 1956 does not provide for appointment of Independent Directors. But, as per clause 49 of the Listing Agreement, all the listed companies are required to appoint Independent Directors. Giving this information in written reply to a question in the Lok Sabha today, the Minsiter for Corporate Affairs,
Investigations by Serious Fraud Investigation Office :- Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has handled 61 cases for investigation during 2004-05 to 2008-09. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that SFIO
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