NCLT Mumbai Orders BSE, CDSL To Unfreeze Future Group Company's Demat Account

The National Company Law Tribunal (NCLT) at Mumbai Bench recently directed the Bombay Stock Exchange (BSE) and Central Depository Services (India) Ltd. (CDSL) to lift the debit freeze on the demat account of Future Corporate Resources Pvt. Ltd. (FCRL), a company led by Kishore Biyani.The order came after FCRL's Interim Resolution Professional (IRP) sought the removal of the freeze, saying it prevented him from taking control of the company's assets during ongoing insolvency proceedings. A coram...

SEBI Has Cleared Modified Demerger Scheme: Vedanta Informs NCLT

Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power, and steel busineeses into separate listed entities. A bench of Judicial Member Nilesh Sharma and...

SEBI Proposes Standard Process For Opening Mutual Fund Accounts & First Investments

The Securities and Exchange Board of India (SEBI) has proposed a new standard process for opening mutual fund accounts and executing the first investment. The move is aimed at ensuring that all new accounts are fully KYC-compliant before any money is invested.Currently, mutual fund companies carry out their own KYC checks when opening a folio and then send the investor's documents to a central KYC agency (KRA) for verification. If the KRA finds any issues, the folio is temporarily marked...

SEBI Bars 'First Overseas Capital' From Securities Market For 2 Years, Imposes ₹20 Lakh Penalty For Multiple Violations

The Securities and Exchange Board of India (SEBI) on Thursday barred First Overseas Capital Limited (FOCL), a registered merchant banker, from accessing the securities market and taking on new issue management mandates for two years, after finding multiple violations of securities laws.This included misrepresentation of financial position, non-compliance with net worth requirements, and engaging in non-securities market activities.In an order passed by Whole Time Member Amarjeet Singh, SEBI...

Supreme Court Seeks Union & SEBI Responses On Sahara Company's Plea To Sell Assets To Adani Properties Ltd

The Supreme Court on Tuesday (October 14) sought the response of the Union Government and SEBI on the applications filed by Sahara India Commercial Corporation Ltd seeking permission to sell its 88 properties, including Amby Valley in Maharashtra and Sahara Seher in Lucknow, to Adani Properties Pvt Ltd.The Court directed Sahara to implead the Ministries of Finance and Corporate Affairs in its application.A bench comprising Chief Justice of India BR Gavai, Justice Surya Kant and Justice MM...

Supreme Court Refuses To Entertain PIL Seeking Probe Into US Based Short Seller Viceroy's Allegations Against Vedanta Group

The Supreme Court on Friday refused to entertain a public interest litigation (PIL) seeking a probe into allegations made by US-based short-seller Viceroy Research LLC against Vedanta Limited, Hindustan Zinc Limited, Vedanta Resources Limited and related entities.A bench of Justice PS Narasimha and Justice AS Chandurkar allowed the petitioner, one Shakti Bhatia, to withdraw the petition after expressing that it was not inclined to entertain the matter.In the petition, Bhatia had sought a...

Supreme Court Seeks Union, RBI Responses On PIL Seeking Portal To Access Unclaimed Financial Assets & Dormant Bank Accounts

The Supreme Court yesterday issued notice on a PIL seeking a centralized portal for enabling individuals to access a comprehensive list of all financial assets held across entities regulated by the Reserve Bank of India and other financial regulators. A bench of Justices Vikram Nath and Sandeep Mehta passed the order on a petition filed by one Aakash Goel.Senior Advocate Mukta Gupta appeared for the petitioner and submitted that the matter pertains to small investors/depositors. "First it's...

Information On SEBI's Internal Probe Into Alleged Insider Trading Exempted From Disclosure Under RTI Act: Delhi High Court

The Delhi High Court has held that information pertaining to internal investigation being conducted by the Securities and Exchange Board of India (SEBI) is exempt from disclosure under the Right to Information Act, 2005.A division bench of Chief Justice DK Upadhyaya and Justice Tushar Rao Gedela thus upheld a single bench order declining to interfere with Chief Public Information Officer's order denying information to the Appellant on her complaint.The Appellant had filed a complaint with SEBI...

SEBI Gives Clean Chit To Gautam Adani & Adani Group Companies In Hindenburg Case

In a significant development, the Securities and Exchange Board (SEBI) has given a clean chit to Adani Group and its Chairman Gautam Adani in respect of allegations made by US-based short seller-Hindenburg Research.It may be recalled that in January 2023, Hindenburg Research had published a scathing report accusing the Adani Group of widespread manipulations and malpractices aimed at inflating its stock prices. Now, the SEBI has cleared the Adani Group and Gautam Adani of such allegations....

Supreme Court Allows Fresh Disbursal Of Rs 5000 Crores From SEBI-Sahara Fund To Depositors; Extends Time For Payment Release Till Dec 2026

At the request of the Union government, the Supreme Court today permitted fresh disbursal of Rs.5,000 crores out of the funds deposited by the Sahara group with the Securities and Exchange Board of India (SEBI) to repay the dues of the depositors of the Sahara Group of Cooperative Societies.A bench of Justices Surya Kant and Joymalya Bagchi passed the order, after hearing Solicitor General Tushar Mehta. It further extended till December 31, 2026 the time period for disbursal to the investors of...

Role Of Independent Directors In Companies

Governance is the most discussed word nowadays in the corporate scenario, the reasons of which are quite obvious owing to the immense competition and regulatory framework. The concept of multi-national companies and their trans-national operation not only requires strict governance with the domestic laws of the country but also demands assurance of transparent working in the organization. In India, the need for stronger compliance and ethically upright companies was observed after the...

'CBI Has Guts To Not Appear Before Us?' : Supreme Court Questions CBI's Absence In Plea For Probe Against Indiabulls Housing Finance

The Supreme Court today(July 21) passed strong critical oral remarks against the Central Bureau of Investigation (CBI) for not entering appearance in a case concerning allegations of serious illegalities, including round-tripping of funds, violations of provisions of the Companies Act, and siphoning of funds committed by the promoters of Indiabulls House Finance Limited (renamed as Sammaan Capital ltd) and its subsidiaries and their promoters. The Special Leave Petition is filed against the...