SAT Stays SEBI Order Barring Prannoy Roy & Radhika Roy From Holding Directorial Or Managerial Positions In NDTV [Read Order]

In a temporary relief to Prannoy Roy and Radhika Roy, the Securities Appellate Tribunal has stayed the June 14 order issued by Securities and Exchange Board of India which had restrained them from holding managerial or directorial posts in New Delhi Television Ltd (NDTV) for two years.Admitting the appeal filed by Roys and RPPR Ltd, the promoters of NDTV, the Appellate Tribunal yesterday observed that "a listed company which is managed by the appellants holding more than 61% of the total shares...

SEBI Restrains Prannoy Roy & Radhika Roy From Holding Directorial Or Managerial Position In NDTV For 2 Years [Read Order]

Roys are also restrained from accessing securities market for two years

SEBI Restrains Prannoy Roy & Radhika Roy From Holding Directorial Or Managerial Position In NDTV For 2 Years [Read Order]

Roys are also restrained from accessing securities market for two years

SEBI Invites Public Comment On HLC Report That Recommends Against Settlement For Serious, Willful Defaults [Read Report]

The Securities and Exchange Board of India (SEBI) on Monday invited public comments on the ‘Report on the Settlement Mechanism’ submitted by a high-level committee (HLC) that has recommended against making settlement procedure a means of forum shopping and adopting a more arduous approach to ensure that certain serious violations/defaults should not be settled as the settlement regulations must not become a platform where applicants may willfully violate securities laws knowing that it may be...

Towards Loan Market Structure: More Liquidity & Relief From Stressed Assets For Banks?

The financial sector of the country is a major contributor towards the growth of the country. The sector comprises public sector banks (PSUs), commercial banks, insurance companies, Non-Banking Financial Companies (NBFCs), mutual funds, pension funds etc. The 17th Financial Stability Report (FSR)[i] released by RBI in June has highlighted that the stress in the banking sector continues as gross non-performing advances (GNPA) ratio rises further.  Profitability of SCB[ii]s declined, partly...

Satyam Scam: SEBI Bars Price Waterhouse From Auditing Any Listed Company For Two Years [Read Order]

The Securities and Exchange Board of India (SEBI), on Wednesday, barred Price Waterhouse (PW) from auditing any listed company in India for a period of two years for its alleged role in the multi-crore Satyam scam."Entities/firms practicing as Chartered Accountants in India under the brand and banner of PW, shall not directly or indirectly issue any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with SEBI and the requirements...

SEBI Moves Contempt Plea Against Sahara For Obstructing Aamby Valley Auction

The Securities and Exchange Board of India (SEBI) on Tuesday moved the Supreme Court with a contempt petition against Sahara group for allegedly obstructing the board from carrying out the auction of Aamby Valley property in Pune, as directed by the court.Mentioning for an urgent hearing of the contempt plea, SEBI counsel Pratap Venugopal informed the bench headed by Justice Ranjan Gogoi that the auction process was to start from today but Sahara has been “obstructing” by suspending the...

Why Vohra Committee Report Not Acted Upon ? What About Fast Track Courts For Trying Legislators? SC

“Income under each head should be probed. All these should be inquired. The public needs an answer. The people should get to know the state of affairs” “It is not enough that a legislator discloses a legitimate source of income. It is important to inquire that how did the person get in that position to earn that income”. -  Justice ChelameswarThe Supreme Court bench headed by Justice J Chelameswar had several pointed questions to ask to the Centre and CTBT on taking action against politicians...

Assets Case: "What Sealed Cover When All Details Already In Newspapers?" Justice Chelameswar To CBDT Lawyer

The final hearing in the case pertaining to amassing of wealth by MPs and MLAs began in Supreme Court with Justice J Chelameswar in a lighter vein asking the CBDT how content of  an affidavit "supposedly being filed in sealed cover" carrying details of all the MPs and MLAs was already in newspapers.Justice Chelameswar said he had seen it almost all main newspapers and even in vernacular papers. Senior advocate Radhakrishnan then clarified that only the names of the MPs and MLAs were in sealed...

7 Key Highlights Of SEBI Board Meeting: Rules For Investment In Distressed Firms Relaxed

The SEBI Board met in Mumbai on Wednesday and took the following decisions: Restructuring in distressed companies Presently, relaxations from preferential issue requirements under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, and from open offer obligations under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, are available for lenders undertaking restructuring of listed companies in distress through Strategic Debt Restructuring (SDR) scheme in...

Make ITC, Finance Ministry & SEBI Parties In PIL Against LIC Investment In Tobacco Giant ITC: Bombay HC

The Bombay High Court has directed petitioners of a PIL opposing the idea of the Life Insurance Corporation of India holding one-third equity stake in tobacco giant ITC, to implead the Union Ministry of Finance, ITC, Ministry of Industries and Commerce and SEBI as respondents.The petitioners are a group of seven people, two of them being members of Tata Trusts, R Venkatramanan and Lakshman Sethuraman.Venkatramanan is the managing trustee of the Sir Dorabji Tata Trust and is responsible for...

SAT ‘Strictly’ Interprets Takeover Code, Strikes Down Application Of SEBI’s Informal Guidance

Takeover Code has been one of the most contentious Regulations under the Securities Law. The Code deals with ‘control’ over the listed company, disclosures and public announcements by acquirers and persons acting in concert, triggering of open offer, disclosures by promoters of the company listed, etc. The practical application of the Code is very ‘strategic decision-making process’ and the Code has greater significance in cases of merger and amalgamation, acquisition or strategic investment....