SECURITIES LAW
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...
SEBI Act | Interest On Unpaid Penalty Applicable Retrospectively, Liability Accrues From Adjudication Order : Supreme Court
In a case involving SEBI's imposition of interest on unpaid penalties, the Supreme Court recently held that interest on unpaid penalty amounts can be applied retrospectively and the defaulter's liability to pay interest shall accrue from the date of expiry of the period specified in the assessment order.No separate demand notice, after the liability is crystallized in the assessment order, is required to be issued by SEBI, the Court said."Under section 220(1) read with section 28A of the SEBI...
The DRHP Rulebook: Volume II – Our Business And Industry Overview
When the story of an IPO begins, it sprouts from context and credibility. Volume I of The DRHP Rulebook, explored the Risk Factors chapter - the issuer's structured confession of vulnerabilities and regulatory red flags. This second installment advances that journey, shifting from disclosures of risk to disclosures of reality: the Industry Overview and Our Business chapters.These twin chapters don't just describe, they define. The former maps the issuer's external ecosystem; the latter, the...
“More Likely Than Not”: Preponderance Of Probabilities In Indian Securities Law
Imagine a trading floor “part war room, part theatre” where numbers flicker like sparks from a live wire. In this high-stakes arena, fortunes are made in milliseconds. But beneath the surface, unseen hands tilt the scales. Insiders whisper tips behind encrypted screens, manipulators stage trades that mimic genuine demand, and every move is cloaked in digital smoke.For SEBI, finding a smoking gun (direct evidence) in the form of a damning message, a recorded call, a confessional slip is nearly...
Singhania & Co. Acted As Legal Advisors To Shivalik FundO n Its First Investment Of Usd 5 Million In Real Estate Projects Across Ahmedabad
Singhania & Co. acted as legal advisors for Shivalik Fund a SEBI-registered Category II Alternative Investment Fund (AIF), in its first investment of USD 5 million in real estate projects across Ahmedabad, Gujarat. This landmark deployment marks a strategic milestone in Shivalik Fund's growth trajectory, setting a strong precedent for future real estate investments and reaffirming its commitment to delivering value-driven, high-impact assets through the AIF route.SEBI-Registered Shivalik...
The Gatekeeper: Compliance Officer
In the high-stakes corridors of corporate compliance, Unpublished Price Sensitive Information (“UPSI”) is a storm . The legal and regulatory wreckage left behind when Compliance Officers forget (or fumble) fundamental duties. Through a series of landmark enforcement actions, the article dissects the anatomy of lapses: ignored notices, “deemed closures,” pre-clearance gone rogue, and Compliance Officers i.e. “the Gatekeepers” caught on the wrong side of their own rulebook. Even when the ...
SEBI-Imposed Penalty Qualifies As A 'Fine' & Is An 'Excluded Debt' U/S 79(15)(A) Of IBC: NCLAT Chennai
The National Company Appellate Tribunal (NCLAT), Chennai Bench, comprising Justice Sharad Kumar Sharma (Member-Judicial) and Jatindranath Swain (Member-Technical), has upheld a decision passed by the Adjudicating Authority (NCLT, Hyderabad), admitting an application filed under Section 122(1) of the IBC, 2016. The Adjudicating Authority has earlier held that the penalty imposed by the SEBI will come under the ambit of 'fine' and will be treated as the 'excluded debt' for the purpose of...
Bombay HC 'Disappointed' With CBI & Mumbai Police Showing Reluctance To Probe Multi-Crore Money Laundering Case; Orders Formation Of SIT
The Bombay High Court recently expressed 'disappointment' over the Central Bureau of Investigation (CBI) and also the Economic Offences Wing (EOW) of the Mumbai Police, both showing 'reluctance' to investigate into the complaints of multi-crore fraud by a company both in India and also several foraging countries.A division bench of Justices Revati Mohite-Dere and Prithviraj Chavan noted that both the EOW as well as the CBI, for the reasons best known to these Agencies, were reluctant to...