Bombay High Court Sets Aside ₹27 Crore Deposit Condition For Former Stock Broker Ketan Parekh To Travel Abroad

The Bombay High Court has recently quashed an order directing former stockbroker Ketan Parekh, who is facing prosecution arising from alleged large-scale manipulation of the securities market in the late 1990s and early 2000s, to deposit Rs 27.06 crore as a condition for travelling abroad. A single bench of Justice N J Jamadar held that the Special Court's direction lacked a reasonable nexus with ensuring Parekh's presence at trial. The court observed, “A direction for deposit of the said...

Dish TV Settles SEBI Case, Pays Rs 11.7 Lakh Over Jawahar Lal Goel's Unauthorized Continuation On Board

Dish TV India Limited has settled adjudication proceedings, initiated by the Securities and Exchange Board of India (SEBI) by paying Rs 11.7 lakhs, over the unauthorized continuation of Jawahar Lal Goel, a non-executive director on its board without shareholder approval, a breach of listing regulations.SEBI Adjudicating Officer Sudeep Mishra closed the adjudication proceedings on November 14 accepting the settlement sought by Dish TV. This allows Dish to close the proceedings against the...

SEBI Imposes Rs 3 Lakh Penalty On Mediaone's Merchant Banker For Due Diligence Lapses In Open Offer

The Securities and Exchange Board of India (SEBI) has imposed a Rs 3 lakh penalty on merchant banker Kunvarji Finstock Private Limited for lapses in due diligence and disclosure during an open offer involving Chennai-based media company Mediaone Global Entertainment Limited.Mediaone operates across film production, distribution, theatre management, television content, and event management, producing content in multiple languages including Tamil and Hindi. Notable films produced by the company...

Penalty Imposed By SEBI After Commencement Of Insolvency Cannot Be Admitted As Claim During CIRP: NCLT Mumbai

The NCLT, Mumbai Bench, comprising Anil Raj Chellan (Member-Technical) and K.R. Saji Kumar (Member-Judicial), has held that the penalty imposed by the SEBI post insolvency commencement cannot be admitted as a claim during CIRP. The CIRP of the corporate debtor (Medybiz Private Limited) was going on, and a moratorium was in effect. The last date of filing the claim was 22.08.2024; however, on 22.08.2024, SEBI imposed a penalty of Rs. 25 Cr. on the corporate debtor. The resolution...

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...